Bitcoin Weekend Outlook: Price Drop Looms as Short Position Hits $1.17B

Bitcoin is trading near $62,900 at the start of the weekend, just under 1% above its July 31 intraday low. Deribit has already settled roughly $9.6 billion in monthly Bitcoin options, which are set to expire on August 5.

The immediate price test for the weekend is at $62,000, and a sustained break below this level could see the price drop to $60,000. This is because there is a large short position of around $1.17 billion in open interest near the $60,000 put option.

CoinGlass's data shows that much of Bitcoin's two-sided depth lies on Binance and OKX, with Bybit forming another large offshore pool. Coinbase carries a separate role as dollar-led buying can expose whether US spot demand supports a rebound.