Bitcoin's $58,000 Support Line Pivotal as Options Expiry Approaches

Bitcoin's price has been hovering around $60,000 as it enters weekend trading. The key level to watch is $58,000, which has emerged as a near-term dividing line.

A recent decline may be decided by supply and demand flows in the 72 hours after options expiry, determining whether the drop is a temporary plunge from seller exhaustion or leads to acceptance at lower prices.

Direct price pressure increased as U.S. inflation data and crowded positioning overlapped. May core personal consumption expenditures (PCE) inflation rose 3.4 percent from a year earlier, above the Federal Reserve's 2 percent target.

Funds are tilting relatively toward Bitcoin and Ether rather than across altcoins broadly. Based on CoinGecko real-time data, Bitcoin dominance held around 55 percent.