Bitcoin Weekend Outlook: Will $62k Break Trigger a Drop to $60k?

As Bitcoin enters the weekend near $62,900, it's poised for a critical test at $62,000. A sustained break below this level would put pressure on the cryptocurrency to drop to $60,000, where a large downside hedge of $1.17 billion in open interest resides.

The July 31 intraday low of $62,426 serves as another reference point for Bitcoin's price action over the weekend. If the market can't hold above this level, it could trigger a broader decline in liquidity across major exchanges like Binance, Coinbase, and Kraken.

CoinGlass data shows that much of Bitcoin's two-sided depth is concentrated on Binance and OKX, with Bybit forming another large offshore pool. However, the role of dollar-led buying on Coinbase remains significant, as it can expose whether US spot demand supports a rebound in the cryptocurrency's price.