Bitcoin fell to $65,530 on Friday, an 8% decline from Thursday's high of $71,300. Traders now see a 53% chance the price will stay below $66,000 by April 24.
The drop wiped out over $210 million in leveraged bullish futures and left most call options worthless during the $18.6 billion monthly expiry. Bearish sentiment has increased as investors doubt the $66,000 level will hold.
Rising oil prices and potential US military spending have pushed Treasury yields higher, adding to market uncertainty. The Bitcoin options delta skew jumped to 15%, showing strong demand for put options over calls.
Traders are increasingly risk-averse, with many avoiding Bitcoin exposure over the weekend. A lack of clarity on the US Bitcoin Strategic Reserve and David Sacks' departure as crypto and AI czar have fueled doubts.
