Bitcoin Review | June 29, 2026

Bitcoin begins the week around $60,200, after a very volatile week in which the price fell below $60,000 and tested the $58,000–59,000 area. The latest available data shows an intraday range of roughly $58,933 to $60,383.

Last week’s decline was not driven by one single factor. It reflected a combination of technical weakness, ETF outflows, capital rotation into AI-related momentum trades, a stronger dollar, elevated yields and, importantly, a major Bitcoin options expiry on Friday, June 26, 2026.

Bitcoin fell below $60,000 on Wednesday, June 24, trading around $59,878 in New York afternoon trading, according to The Wall Street Journal. That marked its lowest closing level since 2024 and a decline of more than 50% from its late-2025 peak above $126,000.

The weakness spread across the broader crypto ecosystem. MarketWatch reported that Strategy, formerly MicroStrategy, dropped sharply as Bitcoin reached a low near $58,065, its lowest level since September 2024.

The options expiry was a key volatility event. According to TheStreet, roughly $10 billion in notional Bitcoin options expired on Deribit on Friday, June 26.

Coindesk reported before the expiry that only about 20% of the June 26 options open interest was in the money, while Bitcoin’s monthly decline had left most bullish positions underwater. The max pain level was around $74,000, far above the market price at the time.

That matters because the market was heavily positioned for a much higher Bitcoin price. When spot BTC was trading around $60,000–65,000 while max pain was near $74,000, many bullish call positions expired worthless. This forced traders to adjust exposure and likely amplified volatility around the expiry.

The expiry did not “cause” the entire decline by itself. It acted more like a volatility amplifier. The underlying weakness was already there: ETF outflows, weaker risk appetite, dollar strength and a technical breakdown below key levels.

Business Insider reported that Bitcoin ETFs saw around $6 billion in outflows over six weeks, the longest losing streak since the ETFs launched in 2024. The same report noted that investor attention has shifted rapidly from crypto toward AI and semiconductor-related assets.

Technically, the key area now is $58,000–60,000. Holding above that zone would allow Bitcoin to attempt a recovery toward $62,500–63,000, and then toward $65,000. A recovery above $65,000 would be the first meaningful sign of improving momentum.

A clear break below $58,000 would be more concerning and could open the door to $55,000, and potentially $50,000–52,000 if risk appetite deteriorates further.

The main takeaway is that Bitcoin is now much more institutional than in previous cycles. That makes ETF flows, options positioning, the dollar, Treasury yields and broader risk sentiment far more important than they used to be.