On June 29th early morning, Bitcoin fell below the $59,500 level, currently trading at $59,496, with a 24-hour decline of 1.76%. Following the expiration of approximately $5.4 billion in options on June 26th, Deribit data indicates that the market has entered a "negative Gamma" environment, where the Gamma flip level of $60,279 has turned from support into resistance, and the support wall formed by the unwinding of 39 million long option positions has disappeared. The current $60,000 has shifted from an "iron bottom" to an "iron ceiling," with $59,000 to $58,000 becoming the key support range below. The total open interest in futures contracts across exchanges has dropped from $42 billion in early May to approximately $25 billion, the lowest in six months, as deleveraging in the derivatives market continues. Analysts point out that BTC has broken below the 200-week moving average, a key technical level. If $59,000 is lost, the downside room opens to the $55,000-$57,000 zone.