Bitcoin tests the 58-60k range for the third time, with a single-day ETF outflow of $692 million, a new high since May, and $10.6 billion in options expiring on Friday.

When prices repeatedly touch the same range, the effectiveness of support diminishes with each touch.
ETF capital outflows are a more direct signal. $692 million is not a small number. Six consecutive days of net outflows indicate that institutions are actively reducing positions, not retail panic.
This magnitude corresponds to genuine selling pressure, not short-term gaming.
Options expiration itself is not bearish, but combined with ETF outflows and macro rate hike expectations, market absorption capacity is weakening.
There is a lack of clear buy support below 58k. If it breaks down, the next liquidity zone may be 53-55k.
On-chain data is also not optimistic. The supply in loss has hit an all-time high, with short-term holders' cost basis around $74.8k, far above the current price.
Whales and miners are both under pressure, but there has not yet been a large-scale capitulation sell-off — which instead means the bottom signal is incomplete.
The market is waiting for a clearing event: either ETF outflows slow down, short covering after options expiration, or prices drop enough to attract bottom-fishing funds. Until then, 58-60k is just a number, not a bottom line.
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