BTC risks accelerated drop to $60K if $62K support fails, Glassnode says

If Bitcoin breaks below the $62,000 level, its decline could accelerate toward $60,000, according to a weekly options analysis from Glassnode. The firm noted that a significant concentration of short gamma positions, valued at $1.8 billion, is clustered at the $62,000 mark, which could amplify a downward move if breached. However, some long gamma positions at $60,000 may help suppress volatility and cushion the fall. Meanwhile, the broader options market continues to position for a downturn. Glassnode pointed out that while one-week implied volatility has dropped from 60% to 35%, suggesting lower expectations of sharp price swings, one-month realized volatility (around 42%) still exceeds implied volatility (around 39%), indicating the market may be underestimating risk. With call options remaining unpopular, investors appear more focused on downside potential. Over the past seven days, buying put options was the most frequent trade, accounting for 28% of activity.