Bitcoin Maintains Resilience Near $70,000, Analysts Say Deleveraging Paves Way for Next Rally

Gate News reports that on March 12, Coindesk analyst Omkar Godbole stated that Bloomberg reaffirmed its prediction that Bitcoin could drop to $10,000, a level not seen since mid-2020. However, industry observers consider this forecast to be overly absurd. On the largest crypto options trading platform Deribit, approximately $800 million in open positions are concentrated in $20,000 put options, betting that the price will fall below that level. This is the platform’s fourth most popular put option, indicating that some traders are preparing for a potential sharp decline.

Sidrah Fariq, Head of Global Retail Sales at Deribit, said most of these positions are more like selling put options rather than directional long hedges. Traders often sell out-of-the-money puts because the probability of hitting those levels is very low.

Meanwhile, Bitcoin has shown remarkable resilience, maintaining around $70,000 despite crude oil prices rebounding and pushing benchmark oil prices toward $100 early in the session, shaking traditional markets. Ethereum, XRP, and SOL are also holding strong, while HYPE tokens have risen about 10% in 24 hours.

Diana Pires, Vice President of Sales at crypto platform sFOX, said from a market structure perspective, this consolidation could be constructive, as reducing leveraged positions often lays a more stable foundation for the next move once clearer macro catalysts emerge.