Bitcoin (BTC): Options and Futures Confirm Bearish Pressure Despite Technical Rally

The cryptocurrency market experienced a day of high volatility on July 1, 2026, marked by a partial rebound of Bitcoin (BTC) and Ether (ETH) after significant losses. However, derivatives markets (options and futures) continue to emit bearish signals, indicating that traders anticipate prolonged selling pressure. This divergence between the spot market and derivatives reflects heightened caution, in a context where massive liquidations and Bitcoin puts at $50,000 are multiplying. Despite a CryptoScore Pro score of 79.0/100 , Bitcoin remains under scrutiny, with technical and on-chain indicators suggesting a possible prolonged consolidation. What happened Bitcoin staged a technical rebound after touching critical support levels, but trading volumes remain low, limiting the scope of this recovery. Bitcoin put options at $50,000 saw their volume surge, reflecting increased demand for protection against further declines. According to CryptoQuant data, more than $100 million in long positions were liquidated in 24 hours on derivatives markets. Bitcoin’s CryptoScore Pro stands at 79.0/100 , but its 24-hour trading volume, at $1.25 billion , remains below historical averages, underscoring fragile liquidity. On the Ethereum side, gas fees remained low (0.209 gwei on average), indicating moderate network activity and no major congestion. The Bitcoin mempool held 90,116 pending transactions , with average fees of 1.13 sat/vB , a historically low level. Finally, U.S. Bitcoin ETFs recorded their worst June 2026 in terms of net flows, with outflows exceeding $500 million , according to Bloomberg. Why this matters Derivatives markets, often seen as leading indicators, confirm a bearish trend despite Bitcoin’s technical rebound. A high concentration of $50,000 puts suggests traders expect further declines, while massive liquidations reflect increased selling pressure. Low gas fees on Ethereum and Bitcoin’s mempool activity indicate a market in wait-and-see mode, limiting short-term bullish dynamics. On a sectoral level, altcoins and DeFi protocols could benefit from a return of liquidity but remain vulnerable to prolonged corrections. Cryptocurrencies listed on exchanges, such as Coinbase or Circle, could face additional pressure if global equity markets continue to deteriorate. Caution in derivatives markets could also spill over into traditional equity markets, particularly in the crypto sector. Finally, regulatory uncertainty, with recent announcements from the ECB on the digital euro , could introduce direct competition with decentralized cryptocurrencies, weighing on their adoption. Bitcoin’s fragile liquidity and its reliance on global equities remain major risks for investors. To watch Key levels for Bitcoin : A daily close above $60,000 would be needed to confirm a durable rebound, while a drop below $50,000 could trigger further liquidations. Bitcoin ETF flows : The net outflows recorded in June 2026, exceeding $500 million , will be a key indicator for the coming week. Network activity : Low gas fees on Ethereum and Bitcoin’s mempool congestion could limit short-term bullish dynamics. Regulation : The ECB’s announcements regarding the digital euro could influence the perception of decentralized cryptocurrencies. Liquidity : Bitcoin’s trading volume, at $1.25 billion , remains a point of concern for its ability to absorb shocks.