Analyst Murphy stated that Bitcoin faces strong support around $60,000 around the June 26 options expiration. The $59,000 to $62,000 range exhibits significant positive Gamma, meaning market makers' hedging activities will suppress volatility. Additionally, 4,620 BTC in put options have accumulated at the $60,000 strike price, forming a put wall that provides buying support. Murphy considers $60,000 a strong near-term support level and remains cautiously optimistic about Bitcoin’s short-term outlook.
Analyst Murphy: Bitcoin Faces Strong Support Near $60,000 Amid Options Expiry
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Summary
Bitcoin’s price today finds strong support near $60,000 as the June 26 options expiry approaches, according to analyst Murphy. The $59,000 to $62,000 range exhibits positive Gamma, suggesting market makers’ hedging activities are likely to dampen extreme price swings. A put wall of 4,620 BTC at the $60,000 strike price adds further buying support. Murphy remains cautiously optimistic about Bitcoin’s short-term direction.
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