Bitcoin Faces Weekend Test at $58,000 as $10.6B Options Expire

Bitcoin heads into the weekend teetering on the edge of $60,000, grappling with sticky inflation and a hefty options expiry. Here's the thing: over $10.6 billion in BTC options expired, with nearly 80% out of the money. That left traders in a lurch as the real action is happening far below the $70,000 max pain point.

JUST IN: Core PCE inflation came in at 3.4% year-over-year, not shocking but still above the Fed's target. As if that weren't enough, spot Bitcoin ETFs saw $1.1 billion in outflows between June 24 and 25. That's some brutal selling pressure. The market's verdict? Bitcoin continues to hover near $60K, but it's the $58,000 to $58,300 range that's got everyone's attention right now.

With Bitcoin dominance holding near 55%, it's clear that traders aren't fleeing crypto entirely. Instead, they're squeezing into what's strong. On the flip side, small-cap altcoins are taking the hit. The weekend's volatility might offer a clearer picture. Will Bitcoin hold $58,000 and make a run for $62,000? Or will the pressure send it tumbling into the $53,000-$54,000 zone?

This changes things. With $1 billion in crypto futures liquidations already on the books, the next 72 hours could set the tone for July. If Bitcoin navigates this storm, we might just see a more stable start to the new month. But keep your eyes peeled. Something wild could be around the corner.