Bitcoin breaks $62k over the weekend, a $1.1B short overhang stands ready to pull price down to $60k | Market Analysis

Bitcoin is entering the weekend around $62,900, just under 1% above the July 31 intraday low, as Deribit has already settled about $9.6 billion in monthly Bitcoin options. Monthly Deribit contracts settle at 08:00 UTC on the last Friday of each month, with July notional near $9.7 billion. Traders are focusing on a $62,000 test: if price breaks and holds below it, CoinGlass estimates Bitcoin could be roughly 3% above the $60,000 put hedge, which carries $1.17 billion in open interest. The July 31 high of $65,266 and a $64,500 “repair” level also frame sentiment. The analysis points to liquidity depth across Binance, Coinbase, Kraken, OKX and Bybit as the key weekend driver.