The area below $68,000 has become “dangerous” for the leading cryptocurrency. At this level, a significant negative gamma has accumulated in the options market, which could drive the price down to $60,000, warned Coinbureau’s head, Nic Pakrin.
Bitcoin below $68k is the danger zone.
Apart from technical levels, option markets have extensive negative gamma built up here.
Short Put dealers face losses in this region & will hedge this loss by shorting themselves.
This creates a feedback loop where lower prices… pic.twitter.com/1b8TmJrcdq
— Nic (@nicrypto) April 7, 2026
At the level highlighted by the expert, short put option sellers incur losses. To mitigate risks, they will start opening new short positions. This will create a “vicious circle”: the fall in Bitcoin will require additional protective actions, further exacerbating the decline.
In the past 24 hours, the price of digital gold has dropped by nearly 2%, failing to hold above $70,000. At the time of writing, the asset is trading around $68,300.
According to Pakrin, if the current level is lost, Bitcoin’s price risks falling to a potential bottom near $60,000.
Risks of Decline
Analysts at Bitfinex additionally noted the accumulation of downside risk in the derivatives market. Traders are increasingly betting on a sharper drop in the leading cryptocurrency.
A negative gamma environment below $68,000 means any move lower accelerates.
Put open interest is concentrated between $55,000 and $68,000.Bitcoin prices are stable, but the market is fragile.
Bitfinex Alpha 199 explains what breaks the range. pic.twitter.com/46Y1Gt5C5O
— Bitfinex (@bitfinex) April 6, 2026
Implied volatility in options remains in the 48-55% range, while actual price movements remain restrained. This gap indicates that investors are pricing in a high likelihood of future fluctuations, which have yet to materialize.
Experts also identified the negative gamma zone below $68,000 as a key factor. In this area, market makers who sold protection against declines may begin to liquidate Bitcoin holdings to hedge their positions as the price falls. This could turn a gradual correction into a crash.
Stability Without Foundation
Analysts describe the current sideways movement of the leading cryptocurrency as a “fragile equilibrium”: weakening spot demand and declining activity are keeping prices afloat on a thinning buyer base.
Crypto treasuries — once a steady source of purchases — have significantly reduced their involvement. Strategy continues to accumulate, but other players (including MARA) have stepped aside or even sold some positions. The market has become increasingly dependent on a small number of participants rather than broad-based accumulation.
Meanwhile, a large portion of the supply is concentrated above current prices — especially around $74,000. Investors who bought at higher levels are eager to exit on rebounds, limiting growth and strengthening resistance, Bitfinex concluded.
In April, Bloomberg Intelligence senior commodity strategist Mike McGlone predicted a Bitcoin crash to $10,000 if the $75,000 level is lost.