Bitcoin: The 60,000 Dollar Level Becomes What the Entire Market Watches This Week

Bitcoin is trading at 59,800 dollars this Monday, up 0.6% over 24 hours, but still below the psychological threshold of 60,000 dollars. The market structure remains bearish, despite a slight rebound in Solana and a lull in volatility indices. How long will sellers keep control?

Derivatives Confirm Investors’ Caution

Positioning data on futures contracts paint an unpromising picture. Over the last 24 hours, more than 200 million dollars in positions were forcibly liquidated, the majority being longs. Open interest on bitcoin has returned to early-month levels, erasing the advance to 775,000 BTC recorded on Friday.

On Deribit, BTC options continue to favor puts. The 60,000 dollar put option now shows nearly a billion dollars in open notional interest, compared to 1.11 billion for the 80,000 dollar call option. If the price falls below this level, the next significant cluster of options is at 50,000 dollars, with 712 million dollars in open interest.

The adjusted cumulative 24-hour volume delta remains negative for 22 of the top 25 tokens. Sellers dominate flows, placing market orders rather than limit orders.

Solana Rebounds, But Durability Questions Remain Unanswered

Solana has risen more than 13% since Thursday, after touching its lowest level since the end of 2023 earlier this month. However, this rebound has not convinced investors to take leveraged positions. Open interest on SOL remains high at 72.70 million SOL, just below the record 76 million reached on June 24, suggesting potential for increased volatility.

AVAX shows a similar situation. Despite rising more than 5% last week, open interest continued to decline, falling to 38.07 million tokens, its lowest since April 1. A rebound without conviction, which positioning data struggles to validate.

Meanwhile, some analysts highlight that bitcoin operates in a zone of historical undervaluation according to long-term indicators, with the current price below its 200-day moving average less than 10% of the time across its entire history.

The overall picture remains unfavorable in the short term. Massive liquidations, the decline in open BTC positions, and persistent apathy towards altcoins all point to the same diagnosis: investors are waiting, without conviction to buy. 

The Altcoin Season index stuck at 49/100 confirms that the market will only regain altitude if bitcoin clearly breaks above 60,000 dollars. A single trigger could change the dynamics: a weekly close above this threshold. For now, sellers set the pace.