Bitcoin Briefly Slips Under $60,000, Bounces Back as Derivatives Turn More Bearish

Bitcoin fell as low as $61,300 before rebounding to around $62,500, CoinDesk reported. Across the broader crypto market, cumulative liquidations over the past two days have reached roughly $3 billion. Derivatives indicators point to risk being taken off. Total open interest dropped 8.5% to $111.4 billion, signaling that leveraged positions are being unwound. In options, bearish positioning intensified. Put skew strengthened for both Bitcoin and Ethereum, and open interest in $60,000-strike Bitcoin put options on Deribit climbed above $1 billion. Solana (SOL) stood out as open interest rose to a record high even as prices declined, a pattern that can indicate an increase in short positioning. Overall, derivatives markets are reflecting a more defensive, bearish tone.