Analysis: Strong Support at $60,000 for Bitcoin Before and After Options Expiry This Friday

On June 24, analyst Murphy stated that Bitcoin has strong support around $60,000 before and after the options expiry on June 26 (this Friday), making it unlikely to drop below this level easily. The corresponding Gamma chart shows a clear positive Gamma in the $59,000 to $62,000 range, and the hedging activities of market makers will suppress volatility, making it easier for prices to be fixed within this range. Additionally, there is a substantial accumulation of Put options at the $60,000 strike price, with up to 4,620 BTC in open interest, creating a strong Put wall that will generate significant buying power as the price approaches this level. Historically, similar options structures have often corresponded to phase bottoms or the end of pullback stages. Analyst Murphy believes that $60,000 remains a strong support level in the short term, maintaining a cautiously optimistic outlook for the near-term market performance.