Bitcoin Maintains Resilience Amid Market Volatility, Consolidation Clears Leverage to Lay Groundwork for Next Rally On March 12, Coindesk analyst Omkar Godbole reported that Bloomberg reiterated its prediction: Bitcoin could fall to $10,000—a price level unseen since mid-2020. Industry observers believe this prediction is overly absurd. However, on Deribit, the largest cryptocurrency options trading platform, approximately $800 million in open positions are concentrated in $20,000 put options, betting that prices will fall below that level. This is the platform's fourth most popular bearish bet. This suggests that some traders are preparing for a possible crash. However, Deribit stated that not all positions are direct bets against a price collapse. Sidrah Fariq, Head of Global Retail Sales at Deribit, stated: "Most positions are more like selling put options rather than directional long hedges. Traders often sell out-of-the-money put options because the probability of touching these levels is very low." Meanwhile, Bitcoin has shown remarkable resilience, hovering near $70,000 despite crude oil prices rebounding and pushing benchmark oil prices close to $100 early in the session, shaking traditional markets. Ethereum, XRP, and SOL are similarly holding strong, while the HYPE token surged approximately 10% in 24 hours. Analysts indicate that excessive leverage is being cleared from the Bitcoin market, paving the way for price increases. Diana Pires, Vice President of Sales at crypto platform sFOX, stated in an email: "From a market structure perspective, this consolidation could be constructive, as reducing leveraged positions often lays a more stable foundation for the next wave of movement once clearer macroeconomic catalysts emerge." #Gate广场AI测评官