According to analysts, the $60,000 level is not only a psychological threshold but also a critical breaking point that could trigger widespread liquidations.
According to data from the crypto derivatives exchange Deribit, there are $1.24 billion in open positions in put options that gain value if Bitcoin falls below $60,000. This indicates a strong hedging and speculative expectation accumulation below that level.
Put options give the investor the right to sell at a predetermined price by a specific date. If the Bitcoin price falls below $60,000, those selling these options may sell in the spot or futures market to offset their risk. This could increase downward pressure and create a chain reaction.
Just below the $60,000 level, around $58,000, lies the 200-week moving average. Technical analysts see this average as a critical long-term support.
According to Maxime Seiler, CEO of digital asset trading firm STS Digital, many Bitcoin-backed loan agreements stipulate that the collateral will be automatically sold if the price falls to these ranges. Such forced sales could accelerate the unwinding of leveraged positions, further pushing the price down.
IG Australia analyst Tony Sycamore also describes the $60,000–$58,000 range as a “critical zone.” According to Sycamore, a sustained break from this zone could pave the way for the price to fall to the upper band of $40,000.
Global bank Standard Chartered has lowered its Bitcoin price forecast for the end of 2026 by two-thirds compared to its projection two months ago, bringing it down to $100,000. Bank analysts suggest the price could fall to $50,000 before stabilizing.
Augustine Fan, partner at Hong Kong-based crypto options platform SignalPlus, notes that the majority of investors he spoke to are in a “bearish” position in the short term. This situation also suggests that a significant amount of negative sentiment may already be priced into the market.
However, due to the largely offshore and fragmented leverage structure in the crypto market, it is difficult to define a precise liquidation threshold. Nevertheless, market participants are watching the $60,000 level as a potential breakout line.
