BTC don drop below $60K: Bybit point to jobs and ETF outflows
Bybit Options Weekly Review tok say BTC worst one-week drop since di FTX crash no be "random panic" but na structural breakdown wey don dey build for weeks. For di week wey end for June 8, BTC commot from about $73,760 go $59,130, briefly make extreme oversold condition show even though dip-buying and short-covering push price back above ~ $61,000.
Main drivers wey dem mention: stronger US jobs data wey ginger rate-hike fears again; record outflows from spot Bitcoin ETFs; and Strategy sell 32 BTC for about $2.5M, wey challenge dia “never sell BTC” story.
On technicals, ETH RSI fall to 12.78 — di most extreme oversold reading for history — while BTC RSI drop to 15.45. Bybit frame am as market-wide capitulation signal, but dem stress say e no confirm bottom.
Options market signals show fear: put options deliver after di technical breakdown, and Deribit Volatility Index (DVOL) jump from ~35 (historic lows) to ~55, then ease toward ~48. Bybit interpret the DVOL spike as downside traders dey get “double tailwind” from falling price and rising implied volatility, while the next pullback show say the initial shock dey get absorb.
Bottom line for traders: BTC dey for extreme oversold territory, but ETF outflows and macro (rates) still need to stabilize before sustained bullish reversal fit confirm.
Bearish
Bybit dey highlight say BTC breakdown dey linked to overlapping negative catalysts: renewed fear of rate hikes from stronger U.S. jobs, continued spot Bitcoin ETF outflows, and one credibility shock after Strategy sell their BTC. Even with extreme RSI levels and DVOL spike wey often come before bounces, the report clear say no confirmation of reversal yet. Historically, markets wey enter capitulation/oversold fit bounce sharply, but sustained trend reversals usually need (1) ETF flows to stabilize and (2) macro-rate expectations to stop worsening. For here, both conditions still unresolved, so near-term bias lean bearish (risk still high), while the oversold readings fit support volatility-driven rebounds without ending the downtrend.