Bitcoin kicked off the trading week on a sour note Monday, slipping under $71,000 as the weekly open brought a wave of selling pressure from multiple corners of the market. The drop comes despite early signs that some traders had positioned for a bullish move in derivatives, creating a tension between spot market action and futures bets.
Below $71,000 at the bell
The price break happened in the first hours of Asian trading. Bitcoin briefly touched $70,800 before bouncing slightly, according to exchange data. It's the first time the asset has traded below that level in nearly two weeks. The move caught some late-week buyers off guard — leverage on both sides was running higher than usual heading into Sunday's close.
Three sources of selling
The decline wasn't driven by a single trigger. Selling pressure came from spot market dumps, options hedging, and a modest uptick in margin liquidation cascades. Traders pointed to a cluster of sell orders concentrated around the $71,500–$72,000 zone that acted as a ceiling. Macro uncertainty and profit-taking from last month's rally also contributed.
Derivatives tell a different story
Despite the spot weakness, early positioning in derivatives has tilted bullish. Open interest in call options at strikes above $75,000 grew over the weekend, and the put-call ratio stayed below 0.5. That suggests some traders are betting the dip is temporary. But that bullish skew hasn't translated into spot demand yet — at least not in size.
What to watch this week
All eyes are on whether the $70,000 level holds. A close below that could trigger another wave of stop-losses and open the door to the mid-$60,000s. On the other hand, if the derivatives optimism materializes into spot buying, a recovery back above $72,000 would flip the short-term narrative. The next few sessions will test which side of the market is right.
