Bitcoin printed a 21-month low of $58,115 before recovering toward $59,852, with the Fear and Greed Index deep in Extreme Fear at 20–23.
US PCE inflation rose to 4.1% year-over-year in May, the strongest reading since 2023, sealing rate-hike expectations for late 2026.
A $10.6 billion Bitcoin options expiry is settling on Deribit today, with 80% of open interest out of the money and max pain at $72,000.
Crypto markets are absorbing a heavy macro blow today. Bitcoin printed a 21-month low of $58,115 during Wednesday's session before staging a partial recovery toward $59,000–$61,000. The trigger was a hotter-than-expected US PCE inflation print, which came in at 4.1% year-over-year in May. This reading is the highest since 2023 and sits more than double the Federal Reserve's 2% target.
The inflation shock triggered $1.48 billion in crypto-wide liquidations within 24 hours. Long positions bore the brunt, accounting for $1.21 billion of that total. Bitcoin alone saw $665 million in forced exits. The pain rippled through Ethereum and XRP, with ETH falling to $1,525 and XRP declining 3.7% to $1.03.
Now, a $10.6 billion Deribit options expiry settling today adds another layer of risk. Eighty percent of that open interest sits underwater, and the max pain level at $72,000 is a distant $11,000 above current prices.
Bitcoin is attempting a fragile recovery after Wednesday's steep flush. The token clawed back from $58,115 and now trades near $59,852, down 2.72% over 24 hours. This marks the deepest pullback since October 2024.
Support holds at $59,000, with the next major floor near $55,000. A confirmed daily close below $59,000 opens the path toward $52,000–$55,000. Resistance sits at $61,800–$62,000, then $63,000, with the 21-day EMA acting as a ceiling above.
Giving the market overview, Akshat Siddhant, Lead Quant Analyst at Mudrex, stated, "Bitcoin fell to 21-month lows of $58,000 as US PCE inflation came in at three-year highs, triggering a fresh sell-off despite BTC's recovery toward $61,000. The sharp decline led to nearly $600 million in crypto liquidations within an hour, accelerating downside momentum.
He further said, Markets are also preparing for a $10 billion options expiry, which could increase short-term volatility. While spot Bitcoin ETFs continue to see outflows, the pace has slowed significantly from about 4,400 BTC per day to around 625 BTC, suggesting selling pressure may be easing. Until a stronger positive catalyst emerges, $56,000 remains the key support level. A break below that level could lead to further weakness."
Piyush Walke, Derivatives Research Analyst at Delta Exchange, noted, "Bitcoin slipped below the key $60,000 mark, falling to around $58,066 amid a sharp market sell-off, hovering near its lowest level of the year. The drop came after the Federal Reserve's preferred inflation measure rose to its highest level since 2023, raising concerns that rate hikes could stay on the table longer.
Significant ETF outflows added another reason for the decline. After $59,000, the next major higher-timeframe support is around $55,000. The Bollinger Bands are expanding, indicating increasing volatility. On the upside, Bitcoin needs to reclaim $60,000 to signal any potential recovery. Until then, bearish pressure is likely to remain intact, keeping the overall trend biased to the downside."
He further noted on Ethereum, "Ethereum is approaching the critical $1,500 level, which warrants caution. A decisive break below $1,500 could accelerate selling pressure toward the $1,440 zone. The $1,650–$1,680 range is now the key resistance area for any bullish recovery."
Also Read: RLUSD Overtakes Ethereum on XRP Ledger as XRP Utility Hopes Return
According to the WazirX Market Desk, "Bitcoin is trading near $58K, while Ethereum is around $1,525, with both assets facing short-term pressure after stronger-than-expected US inflation data prompted a cautious market response. Higher inflation expectations and long liquidations weighed on sentiment, though the market continues to watch key support levels for signs of stability.
They also mentioned that in the altcoin market, Jito (JTO) surged over 40% in 24 hours. Meanwhile, blockchain adoption continued to advance, with Japan's JPYSC, a yen-backed stablecoin, set to support institutional settlements."
Meanwhile, the CoinSwitch Markets Desk added, "BTC dipped near $58K before recovering back toward $60K. Part of the pullback came from whales selling sizable holdings, putting more supply into a market that's been slow to soak it up.
A lot of investor attention and new money have been flowing into AI plays lately, which leaves crypto fighting for a smaller slice of overall risk appetite. Most see this as a wider market cooldown rather than anything broken in crypto itself. Investors can keep an eye on $55K as support and $61K–$62K as the level to reclaim."
Let's take a look at the top crypto prices today, based on CoinMarketCap data as of June 26.
| Name | Price | 24h % | Market Cap | Volume (24h) |
|---|---|---|---|---|
| Bitcoin (BTC) | $59,852.54 | -2.72% | $1.19T | $44.25B |
| Ethereum (ETH) | $1,549.23 | -5.64% | $186.96B | $17.41B |
| Tether (USDT) | $0.9985 | 0.0002 | $186.05B | $85.64B |
| BNB (BNB) | $559.50 | -1.56% | $75.41B | $1.46B |
| USDC (USDC) | $0.9996 | 0.0001 | $73.65B | $15.8B |
| XRP (XRP) | $1.02 | -5.13% | $63.91B | $2.62B |
| Solana (SOL) | $68.05 | -1.16% | $39.5B | $3.86B |
| TRON (TRX) | $0.3214 | -2.12% | $30.48B | $872.26M |
| Hyperliquid (HYPE) | $62.63 | 0.017 | $15.84B | $792.28M |
| Dogecoin (DOGE) | $0.07416 | -3.77% | $12.64B | $881.71M |
Hyperliquid is the lone top-ten gainer today, adding 1.70% as whale accumulation and renewed derivatives interest hold the token steady. The move stands out sharply against a broadly red session. It signals selective positioning in high-beta assets, even as macro pressure dominates sentiment elsewhere.
Ethereum leads the top-ten declines today at -5.64%, with the $1,500 level now a critical floor to defend. XRP follows at -5.13%, extending steep weekly losses of 9.20% as rate-hike fears suppress appetite for speculative assets.
Dogecoin rounds out the major losers at -3.77%, down 10.18% on the week, remaining one of the most vulnerable tokens in any sustained risk-off environment.
Top headlines impacting crypto prices today.
The US Bureau of Economic Analysis released May PCE data on Thursday. Headline inflation rose to 4.1% year-over-year, the highest reading since 2023. Core PCE held well above the Fed's 2% target. Markets repriced the probability of a December rate hike to approximately 77%.
BofA now expects three 25-basis-point increases in 2026. Deutsche Bank forecasts two hikes starting in September. Higher rates make non-yielding assets like Bitcoin structurally less attractive. The inflation print was the clearest catalyst for Wednesday's sell-off and Thursday's continued pressure.
The largest quarterly options settlement of 2026 is clearing on Deribit this morning. Open interest stands at $10.6 billion, with 80% of positions currently out of the money. The max pain level sits at $72,000, roughly $12,000 above the current spot price. The put-to-call ratio is 0.83, meaning the market was positioned for higher prices that never arrived.
Ethereum options add a further $1.75 billion to today's settlement. Deribit's chief commercial officer noted that fresh leveraged longs are quietly rebuilding despite extreme fear in sentiment gauges. The $60,000 put wall, anchored by approximately $450 million in expiring puts, remains today's structural floor.
US spot Bitcoin ETFs shed $469 million on June 24 alone. BlackRock's IBIT led redemptions, shedding $239 million in a single session. The seven-day rolling average of net flows has fallen to nearly -$300 million per day. Total outflows across six consecutive weeks of redemptions now approach $6 billion.
Grayscale's GBTC has shed more than 16,000 BTC over the past 90 days. The Coinbase premium index, which tracks institutional demand, remains deep in negative territory. Analysts describe the market as one sustained by passive flows against thin liquidity and near-absent active buying.
Japan's financial regulator approved Ripple's RLUSD stablecoin as a new category of payment instrument. The token now has access to one of Asia's most tightly regulated crypto markets. The approval positions RLUSD alongside Japan's JPYSC yen-backed stablecoin for institutional settlement rails.
For XRP, the development adds a concrete adoption anchor at a time when the token's price remains under macro stress. Regulatory milestones in Asia are increasingly viewed as leading signals for global institutional adoption cycles.
CryptoQuant flagged growing stress at Strategy Inc. The company's annual dividend obligations rose from $300 million at the start of 2026 to approximately $1.2 billion. Strategy holds over 847,000 BTC and remains the largest single corporate holder. Its stock, MSTR, has fallen to 52-week lows alongside Bitcoin's decline.
Despite that pressure, Strategy purchased 520 BTC in its most recent disclosure. The market is now watching whether the firm's capital-raising flywheel can sustain itself as Bitcoin prices fall.
Also Read: Crypto News Today: Bitcoin Outflows, SHIB Inflow Spike, and BTC Options Set to Expire
Bitcoin is holding near $59,852 after one of the most compressed trading sessions of 2026. PCE inflation at 4.1%, six weeks of ETF outflows, and a $10.6 billion options expiry have all landed on the same day. That combination rarely produces clean directional signals on the session in which it occurs.
The $59,000 level is the market's load-bearing floor today. A close below it shifts the next reference point to $55,000. Deeper targets at $52,000 and below remain on the table for bearish analysts. On the upside, $61,800–$62,000 is the first resistance cluster. The $63,000–$64,400 zone, where the 21-day EMA sits, would need sustained buying to break.
The structural picture has shifted. Deutsche Bank reversed its easing forecast and now expects two rate hikes in 2026. AI infrastructure stocks continue pulling speculative capital away from crypto.
US hyperscalers are on track to spend more than $700 billion on AI infrastructure this year alone. Investors should track daily ETF flow data, the Dollar Index's reaction to today's PCE print and any Fed communication are the primary inputs for the week ahead.
What is the Bitcoin price today?
Bitcoin is trading near $59,852 today, down 2.72% over 24 hours. Support holds at $59,000, with $55,000 as the next key floor. Resistance sits at $61,800–$62,000, then $63,000.
Why did Bitcoin drop this week?
US PCE inflation rose to 4.1% year-over-year in May, its highest since 2023. That print reinforced Fed rate-hike expectations and triggered $1.48 billion in crypto liquidations within 24 hours.
What is the biggest crypto news today?
The $10.6 billion Deribit options expiry settling today, six weeks of spot Bitcoin ETF outflows approaching $6 billion, and Ripple's RLUSD approval in Japan are the top stories moving markets.
Which coins are falling the most today?
Ethereum leads declines at -5.64%, followed by XRP at -5.13% and Dogecoin at -3.77%. Hyperliquid is the only top-ten gainer, up 1.70%.
What should crypto investors watch this week?
Track today's $10.6 billion Deribit options expiry outcome, daily spot Bitcoin ETF flow data from SoSoValue, and the Dollar Index's reaction to PCE numbers. The $59,000 support level is the session's most critical price point.
Disclaimer: The information provided in this article is for informational and educational purposes only. It does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and involve significant risk. Always conduct your own research and consult a licensed financial advisor before making any investment decisions.
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