Over the past three months, Bitcoin’s daily closing price fluctuated between $35,050 and $47,550, which is a 35.7% range.
The relief rally that came after the April 11 dip below $40,000 followed the U.S.
If the global economies enter a recession, investors will likely move away from risk-on asset classes like cryptocurrencies.
The open interest for the April 15 options expiry in Bitcoin is $615 million, but the actual figure will be much lower since bulls were overly-optimistic.
If Bitcoin’s price remains below $42,000 at 8:00 am UTC on April 15, only $62 million worth of these call options will be available.
Bitcoin bears need to pressure the price below $41,000 on April 15 to secure a $180 million profit.
Bitcoin bulls had $180 million leverage long positions liquidated on April 10 and April 11, so they should have less margin than is required to drive the price higher.