Bitcoin slid to the $62,000 range and tested key support levels, but bullish bets in the derivatives market rose to the highest level this year.

U.Today reported on June 23 that on-chain analytics firm Glassnode said the size of Bitcoin net long positions on decentralised derivatives exchange Hyperliquid reached a yearly high.

Bitcoin's spot price has retreated to the $62,400 to $63,600 range and is testing the area around the 200-week moving average. In derivatives, more investors are judging the price drop as a buying opportunity, the analysis said.

Glassnode said Hyperliquid participants' positioning is gradually turning more bullish even as the downtrend continues. It said aggressive additions to long positions on each price drop are sustaining a buildup of energy that could erupt on a rebound.

The market backdrop includes a global risk-asset pullback. Bitcoin's decline has broadly moved in the same direction as a stock market correction linked to profit-taking in U.S. technology shares and large AI stocks, it said. On-chain data show some funds view this area as an accumulation opportunity.

Accumulation was also seen in the spot market. Glassnode said investors bought more than 259,000 BTC in total over the past 10 days in the $59,000 to $67,000 range. Based on that, a support zone worth about $16 billion has formed, and so far this buying has been absorbing downside pressure, the analysis said. Glassnode interpreted the move as so-called smart money using the market correction to accumulate bitcoin.

In centralised exchanges, there are no signs of excessive optimism or fear-driven selling. No large-scale dumping was observed on major exchanges such as Binance and OKX, and futures open interest has been flat at about $31.2 billion. That suggests that unlike previous bull markets, much of the excessive leverage has been removed and the market is moving relatively more around spot activity.

The market is also viewing this structure as something that could trigger big volatility in a short-term rebound. With bullish positions concentrated on Hyperliquid while selling pressure has eased, the possibility of a short squeeze has increased if prices begin to rebound as short positions are liquidated in a chain reaction, it said.

The key is whether bitcoin confirms a bottom around the current moving-average area. If the market creates rebound signals in this zone, short liquidations could pour out at once and prices could quickly return toward the upper range. If support breaks, Hyperliquid's aggressive long bets could turn into a short-term burden, so changes in derivatives positioning and whether spot buying is maintained will be watched together for the time being.