The zone below $68,000 has become a "danger zone" 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 Nic Pakrin, head of Coinbureau.
Bitcoin below $68k is the danger zone.
— Nic (@nicrypto) April 7, 2026
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
At the level indicated by the expert, short put sellers are incurring losses. To mitigate their risks, they will start opening new short positions. This creates a "vicious cycle": a drop in Bitcoin's price will necessitate further protective actions, exacerbating the decline.
In the last 24 hours, the price of digital gold has fallen 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 dropping to a potential bottom near $60,000.
Hourly chart of BTC/USDT on Binance. Source: TradingView.
Downside Risks
Analysts at Bitfinex have also noted an accumulation of downside risk in the derivatives market. Traders are increasingly betting on a sharper decline for the leading cryptocurrency.
A negative gamma environment below $68,000 means any move lower accelerates.
— Bitfinex (@bitfinex) April 6, 2026
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
The implied volatility in options remains in the range of 48-55%, while actual price movements are subdued. This gap indicates that investors are pricing in a high likelihood of future volatility that has yet to materialize.
Experts have also identified the negative gamma zone below $68,000 as a key factor. In this area, market makers who sold downside protection may begin liquidating their Bitcoin holdings to hedge their positions as prices decline. This could turn a mild 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 due to a thinning buyer base.
Crypto treasuries, once a stable source of buying, have significantly reduced their involvement. Strategy continues to accumulate, but other players (including MARA) have stepped back or even sold off some positions. The market has become increasingly reliant on a small number of participants rather than broad-based accumulation.
Moreover, much 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 reinforcing resistance, Bitfinex concluded.
It’s worth noting that in April, Bloomberg Intelligence's senior commodity strategist Mike McGlone predicted a Bitcoin crash to $10,000 if the $75,000 level is lost.