Bitcoin futures fell to $58,995 on Thursday, hitting the lowest level since October 2024, with a total pullback of about 52% from last year’s all-time high. Throughout this year, Bitcoin has been hovering around the $60,000 mark. It found support at this level in February, retested the level in the first two weeks of June, rebounded briefly above $67,000, and then fell again.

Options traders believe that the breakdown below this key support level is just the start of a deeper downtrend.