Bitcoin Nears Cycle Lows as Long Positions Get Liquidated

Dow Jones06-24 23:35

1135 ET - Bitcoin is moving back toward the low it posted earlier this month, with a trove of quarterly options expiring Friday. The token is down 2.5% to $60,811, nearing the cycle low of $59,200 briefly touched on June 5. Analysts with Bitfinex speculate that bitcoin is more likely to move past the $60k "put wall" and into lower territory than bounce. "The asymmetry is to the downside," says the firm in a note. "A sustained move below the $60,000 put wall pushes deeper into negative gamma and risks a cascade toward $54,000 to $56,000." Some $125 million in bitcoin options have been liquidated in 24 hours, according to data from Coinglass -- with the vast majority of that being long positions. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

June 24, 2026 11:35 ET (15:35 GMT)

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