Wintermute: Bitcoin may drop to $59,000 in the short term due to shrinking liquidity in the summer

According to CoinDesk, the market maker Wintermute's over-the-counter trading department pointed out in a report that, influenced by the Federal Reserve's hawkish stance and geopolitical news, Bitcoin and Ethereum are falling towards the lower end of their recent range. Wintermute's options pricing indicates that Bitcoin is expected to fluctuate between $61,242 and $63,563 in the next 24 hours, while Ethereum is expected to fluctuate between $1,606 and $1,694.

The report also noted that the correlation among various tokens is rising, liquidity is shrinking with the arrival of summer, and there are no signs of new institutional buying in ETF inflows. Wintermute has marked $59,000 as a key observation point; if the current pressure continues, this level may become a support for the bear market low. Three catalysts will dominate the market direction for the remainder of the week: the sustainability of the peace agreement between the U.S. and Iran, the PCE inflation data to be released on Thursday, and the end-of-month quarterly options expiration, which may amplify market volatility due to traders rolling over or closing positions.