Bitcoin eyes $60K retest as options OI, liquidity weigh

Why Bitcoin’s options structure signals a $60,000 retest risk

In February 2026, Bitcoin’s options surface is tilted toward a $60,000 retest as positioning concentrates below that strike. When spot drifts toward large put strikes, dealers who sold those options typically hedge by selling futures or spot, which can add incremental downside flow. This reflexive setup raises the risk that a slow grind lower can become a faster move as hedging scales with proximity to the strike.

As reported by GuruFocus, recent positioning shows heavier put open interest layered under $60,000 and highlights that some BTC‑backed loan structures carry collateral triggers close to those strikes. If price wicks into those thresholds, automatic liquidations and lender risk controls can reinforce the same direction of travel as options hedging. Together, these mechanics create a feedback loop around the $60,000 area rather than a single-point level.

In options microstructure terms, rising put dominance below key strikes increases negative gamma for dealers, making hedges more sensitive as spot falls. That sensitivity can translate into additional sell flow without any change in long‑term fundamentals. It is a path‑dependence story, not a forecast.

BTC liquidation heat map and liquidity gap: $66K to $60.5K

As reported by Cointelegraph, order‑book and liquidation heat‑map views indicate a liquidity gap from roughly $66,000 down to about $60,500, with clusters of leveraged long liquidations building near the lower bound. Thin resting bids in that band mean a break can travel quickly until deeper liquidity reappears closer to $60,000. This does not guarantee a cascade, but it raises the probability of a one‑way move if the upper edge gives way.

According to MEXC’s market commentary, the $66,000–$68,000 area functions as an initial trigger zone where a loss of support can unlock stop‑losses and margin calls. In practice, that can convert a controlled retracement into an air‑pocket slide through the gap toward $60,500 before price discovery resumes. The setup is mechanical and short‑term by nature.

“Put open interest clustered near $60,000 is creating a reflexive risk zone, if spot drifts down, hedging and collateral rules can turn a slow move into a sharper drop,” said Maxime Seiler, CEO of STS Digital. “In that environment, thin liquidity pockets can make the path to $60,000 faster than fundamentals alone would suggest.”

Immediate impact: options open interest, ETF flows, macro signals

In the immediate term, options open interest can steer intraday flows, with delta hedging amplifying moves into large strikes while expiry timing governs when pressures decay. Speculative positioning has been paring risk, while longer‑horizon holders appear more patient, leaving short‑term prices more exposed to derivatives‑led swings.

As reported by AInvest, recent daily outflows from bitcoin exchange‑traded funds and correlated crypto assets point to a defensive stance among some investors. Such flow trends can reduce passive buy‑side support on weak days, allowing derivatives mechanics to have greater price impact.

According to JPMorgan analysts led by Nikolaos Panigirtzoglou, a hawkish U.S. CPI print that re‑anchors ‘higher‑for‑longer’ rate expectations would likely pressure risk assets, including bitcoin, and could accelerate tests of lower supports. In other words, macro surprises can act as the catalyst that activates the pre‑existing microstructure vulnerabilities.

At the time of this writing, bitcoin is around 66,720, with very high 30‑day volatility near 11.83% and a 14‑day RSI of 34.28. Simple moving averages sit well above spot, with the 50‑day near 83,383 and the 200‑day near 100,081, while 11 of the past 30 sessions closed higher. These are descriptive indicators and do not imply a forecast.

How to interpret Deribit OI and institutional defenses at $60K

Interpreting Deribit OI begins with identifying ‘put walls’ and large strike clusters that can shape dealer hedging and option‑holder behavior into expiries. The larger and closer a put wall sits to spot, the more sensitive hedging flows can become on approaches, while a clean break can flip positioning quickly as options move deeper in‑the‑money.

According to Fidelity, the $60,000 area is a critical support zone that could anchor stabilization once derivative pressures exhaust. That assessment implies institutions may defend liquidity near such levels, but their participation often arrives in increments and may lag the speed of derivatives‑driven moves.

Two practical limitations apply to all of the above: heat maps and order books can shift within minutes, and open interest decays or rolls at expiry, altering hedge requirements. As a result, any scenario toward or away from $60,000 remains conditional on evolving flows, not predetermined by a single data point.