Bitcoin futures data shows bears gearing up for an assault on $60K

Bitcoin is facing renewed downward pressure as futures market data suggests that bearish traders are positioning for a potential drop toward the $60,000 psychological support level. After failing to maintain momentum above recent resistance, several key derivatives metrics have signaled a shift in market sentiment. Analysis of Open Interest (OI) shows a significant build-up in short positions, while funding rates across major exchanges have begun to neutralize or turn negative, indicating that the leverage is currently leaning toward the sell side. Traders are closely watching the $62,000 and $61,500 levels; however, the lack of aggressive spot buying has left the door open for bears to push the price lower. If the current support levels fail to hold against the increasing futures volume, market analysts warn that a liquidation cascade could quickly drive Bitcoin down to test the $60,000 mark, a level that served as a critical pivot point in previous months.

Source: Bitcoin futures data shows bears gearing up for an assault on $60K