Here’s why bitcoin’s drop below $68,000 raises the risk of a crash under $60,000
CoinDesk
Bitcoin's decline below $68,000 risks a self-reinforcing sell-off due to negative gamma exposure in the options market.Summary
Bitcoin has fallen below $68,000, a level that analysts identify as a critical threshold for market stability. The primary concern is a 'negative gamma' zone created by a concentration of put options between $68,000 and $50,000. In this environment, market makers are forced to hedge their short put positions by selling Bitcoin as prices drop, which creates a feedback loop that can accelerate downward momentum. With thin market liquidity, this structural fragility could lead to a sharper decline, potentially pushing prices well below the $60,000 support level.
(Source：CoinDesk)