Bitcoin fell from below the closely watched $62,000 level on June 5 to as low as $59,855 on OKX on June 6, its lowest level since Oct. 14, 2024, as bearish funding rates, a large June 5 crypto options expiry, heavy long liquidations and worsening macro sentiment pressured markets. Coinglass data cited in the newer report showed funding rates across major centralized and decentralized exchanges had turned bearish, signaling weaker demand for upside exposure. Traders also focused on a large cluster of buy orders on Binance below the market price after the drop, which trader Killa (@KillaXBT) described as a "plunge protection team"-style buy wall based on past episodes that he said were followed by short-term pressure and then rebounds.