Bitcoin Weekend Test: $62k Break Could Spark Sell-Off to $60k

Bitcoin entered the weekend trading near $62,900, just under 1% above its July 31 intraday low of $62,426. Deribit has already settled around $9.6 billion in monthly Bitcoin options for July, with a total notional value close to $9.7 billion.

The immediate price test for the weekend is at $62,000, where a sustained break could trigger a sell-off to the next major destination of $60,000. This would put downward pressure on the market due to the large open interest of around $1.17 billion in Bitcoin options tied to this level.

The July 31 high of $65,266 serves as another boundary for Bitcoin, with $64,500 being the first repair level if prices move above $62,000. The market's depth and liquidity will play a crucial role in determining how far weekend orders travel.