Bitcoin options traders were pricing a 53% chance that BTC would remain below $66,000 by April 24 after a sharp sell-off on Friday.
According to the source, Bitcoin fell to $65,530 on Friday from $71,300 on Thursday, an 8% drop. The move wiped out more than $210 million in leveraged bullish Bitcoin futures and left most call options worthless during the $18.6 billion monthly expiry.
Key details from the sell-off
The source says bearish sentiment increased as professional options traders lost confidence that the $66,000 level would hold. On Friday, the April 24 Bitcoin $66,000 put options traded at 0.0566 BTC, or about $3,730, which the report used to derive the 53% implied probability.
The article linked the move to broader market pressure. It said uncertainty over the US economy and the Israel-Iran war weighed on stocks and crypto markets. It also said rising oil prices and the possibility of $200 billion in additional US military spending pushed investors to demand higher bond yields. West Texas Intermediate crude reached $100, and the 5-year Treasury yield rose to 4.07% from 3.72% three weeks earlier.
Other factors cited in the report
The source also pointed to crypto-specific concerns. It said David Sacks stepped down as the Trump administration’s crypto and AI czar and that investors were uneasy about the lack of progress on a US Strategic Bitcoin Reserve plan.