Bitcoin Near $60,000 Support Level, Deribit CBO Warns of Accelerated Sell-Off

ME News reports that on June 5 (UTC+8), Bitcoin’s price is approaching the critical support level of $60,000; a break below could trigger accelerated selling. Jean-David Péquignot, Chief Business Officer at Deribit, stated that $60,000 is not only a psychological round number but also a structural threshold with real implications for institutional investors and derivatives markets. Over the past year, significant institutional capital—including ETF buyers, large holders, and short-term speculators—entered positions in the $60,000 to $67,000 range. As the price nears these purchase zones, investors are nearly at breakeven; a drop below cost basis would increase unrealized losses, particularly as traditional markets like AI stocks rise, raising the opportunity cost of holding BTC and potentially prompting accelerated selling. Derivatives markets are also under pressure. Deribit data shows approximately $1.2 billion in notional value of $60,000 put options remain open. Market makers must hedge these exposures, potentially forcing them to sell spot or futures assets, further accelerating the decline. Additionally, substantial leveraged long positions remain in the system; a break below $60,000 could trigger cascading liquidations, intensifying selling pressure. Péquignot noted that billions in leveraged longs have already been liquidated this week; if the $60,000 support is breached, the downward momentum could amplify further, leading to a rapid and chaotic sell-off. (Source: ODAILY)