Bitcoin traders see 53% odds of sub-$66K BTC by April 24
Bitcoin price slumped on Friday as uncertainty over the US economy and war in Iran negatively impacted stock and crypto markets.
Bearish sentiment is rising as Bitcoin options professional traders lose confidence that the $66,000 level will hold for long.
The exit of David Sacks as the Crypto and AI czar and a lack of a clear US Strategic Bitcoin Reserve plan added to investors’ doubts.
Bitcoin ( BTC ) fell to $65,530 on Friday, an 8% decline from the $71,300 level seen on Thursday.
This move wiped out over $210 million in leveraged bullish Bitcoin futures and left most call (buy) options worthless during the $18.6 billion monthly expiry.
Traders now anticipate a 53% chance that Bitcoin will stay below $66,000 by April 24.
On Friday, the April 24 Bitcoin $66,000 put (sell) options traded at 0.0566 BTC or roughly $3,730.
With a 53% implied probability of Bitcoin trading below $66,000 by late April, the mood remains decidedly bearish following the increased uncertainty in the US and Israel-Iran war, pushing traders into a risk-averse mode.
Rising oil prices and a potential $200 billion in extra US military spending led investors to demand higher returns on government bonds and dragged the S&P 500 to its lowest levels since September 2025.
West Texas Intermediate (WTI) oil surged to $100 on Friday, while 5-year Treasury yields reached 4.07%, up from 3.72% three weeks prior.
Inflationary fear and weaker corporate earnings perspectives alone cannot explain Bitcoin’s 20% underperformance against the S&P 500 in 2026.
Other factors are likely at play, including investors’ discomfort over the lack of progress on the US Bitcoin Strategic Reserve .
David Sacks has stepped down from his role as the Trump administration’s crypto and AI czar.
While Sacks remains an advisor on the President’s Council on Science & Technology, his departure follows earlier comments that inflated Bitcoin investors’ expectations.
Sacks had previously hinted that the US could acquire more Bitcoin through budget-neutral methods without raising taxes.
