Analysis: Bitcoin Found Strong Support Around $60,000 Before and After Friday's Options Expiry, Showing a Temporary Bottom

BlockBeats News, June 24th - Analyst Murphy stated that Bitcoin is expected to find strong support near $60,000 around the June 26th (this Friday) options expiry, making it less likely to break through easily. On the corresponding Gamma chart, the 59,000 to 62,000 USD range shows a significant positive Gamma, where market makers' hedging behavior will suppress volatility and anchor the price in this range. At the same time, there is a significant accumulation of 4,620 BTC put options at a $60,000 strike price, forming a strong put wall. When the price approaches this level, a large buying pressure will emerge to provide solid support.

Historically, similar options structures have corresponded to interim bottoms or the end of a retracement phase. Analyst Murphy believes that the $60,000 price level is still a strong short-term support and remains cautiously optimistic about the short-term outlook.