Some analysts argue that Bitcoin rallied too fast and too soon and the weakness that we see on April 7 is a result of that.
Not everything has been negative for Bitcoin because the cost of moving Bitcoin across the network has hit decade lows, according to research by Galaxy Digital.
For example, if Bitcoin’s price remains below $45,000 at 8:00 am UTC on April 8, only $24 million worth of these call options will be available.
Listed below are the four most likely scenarios based on the current price action.
Bitcoin bears need to push the price below $44,000 on April 8 to secure a $145 million profit.
Bitcoin bulls had $65 million in leveraged long positions liquidated on April 6, so they probably have fewer resources to push the price higher in the short term.