Bitcoin breaks below 68k—A financial black hole beast is coming.

After waking up, BTC is trading below 67k.

Bitcoin is down again.

A break below 68k USD looks like a run-of-the-mill technical pullback, right?

Maybe not.

According to CoinDesk and Cointelegraph’s latest analysis [1][2], the situation is far more complicated. The financial mechanism behind this selloff may be brewing a self-reinforcing cascade of liquidation. And most retail traders probably have no idea.

What is the negative gamma zone? A trap that forces you to sell

First, let’s use an analogy.

Imagine you’re a market maker at an options “casino.” Today, a big customer arrives and buys $1 million worth of put options in one go—betting that Bitcoin will fall.

As the market maker selling put options, you need to hedge your risk. How do you hedge? Sell some Bitcoin spot (because selling a put is equivalent to buying at strike upon exercise, and selling spot offsets it). That way, if the price truly drops, the loss on the spot position can be offset by the option gains.

Now here’s the problem: if the price keeps falling, your hedged position needs to be increased further—that means selling more Bitcoin. The act of selling pushes the price down, and a lower price requires even more selling…

This is a death spiral.

In financial markets, this phenomenon is called the negative gamma zone.

Glassnode data shows that from 68k all the way down to the 50k range, the gamma exposure for market makers is basically negative [1]. What does that mean? It means that once Bitcoin breaks below 68k, the whole market is like it has fallen into a financial black hole—pulled downward by an unseen force.

68k isn’t a normal support level—it’s the lid on Pandora’s box

Why is it precisely 68k?

In the Deribit options market, many traders have placed put options bought at 68k and below. From 68k down to the mid-55k range, defensive positions are packed tightly together [1].

This is the key.

68k isn’t a typical technical level. It’s the boundary of the options market structure. Breaking below it doesn’t mean “opening up” a downside room—it’s like flipping a switch to forced selling.

CoinDesk analyst Omkar Godbole put it bluntly: negative gamma is accumulating below the current price, and the entire risk zone—from 68k down through the high-50k range—is in play [1].

Translated, it means: this drop may not be the kind of slow, creeping selloff you’re imagining. It’s acceleration, then acceleration again, and then even faster acceleration.

Technical signals are also in sync

The options market signals are scary enough. The technical picture is also not good.

Cointelegraph’s analysis notes that on Bitcoin’s 1-day chart, a bearish flag continuation pattern has appeared [2]. This isn’t the first time. On January 20, it was confirmed, when the price pulled back to 60k USD. Now, the second bearish flag is forming.

Since February 8, every time the uptrend has bounced up to the flag’s upper trendline, it has been ruthlessly suppressed.

How can it be reversed?

Maybe it takes multiple days of consecutive closes above 76k, followed by a retest of 75k to confirm a support-to-resistance flip [2].

Otherwise, the bearish pattern will keep dominating.

The forecast from technical analyst Aksel Kibar is even more direct: if it breaks the lower boundary, it may move toward 52,500 USD [2].

52,500…

The macro environment: pouring gasoline on the fire

Someone might say: isn’t Bitcoin resilient? Oil prices are at levels not seen since 2008, the Iran-Iraq war is still going, the S&P 500 is down 3.95% from early in the year, and Bitcoin is just ranging between 60k and 73k—doesn’t that mean it’s pretty strong?

It is pretty strong.

But the issue is that risk from both the technicals and the options market is building up, and the macro environment isn’t improving—it’s worsening. Maybe this isn’t resilience, but calm before the storm.

Liquidity trap: no April Fools’ jokes during the Easter holiday

One more detail many people might overlook.

After the March 27 options expiration, market liquidity was already relatively thin. Then comes the Easter holiday, and liquidity may stay low [1].

What does that mean?

It means that if the negative gamma zone spiral selloff is truly triggered, there may not be enough buyers in the market to catch the falling prices.

Dancing on thin ice is already dangerous. If there’s also a death whirlpool waiting beneath the ice, it’s not just about walking on thin ice anymore.

Chain-of-Thought (教链) views—several points

First, below 68k is the danger zone.

This doesn’t mean it will definitely fall—it means the risk mechanism in this area is different. With a normal technical pullback, you can bet on a rebound. But in the negative gamma zone, bottom-fishing might be like bravely grabbing the hand-to-hand blade of a self-reinforcing liquidation spiral. This isn’t something explained by fundamentals—it’s determined by market structure.

Second, 60k is the key of the key.

If 60k holds, the price continues to range between 60k and 70k, and the risk stays manageable. If 60k fails, it means the defense levels established in February have been thoroughly breached. The market then has to search downward for the next defense position.

Third, before bottom-fishing, calculate your ammunition and your position plan.

Adding on dips is not a speculative bottom-fishing play to bet on a rebound. In the negative gamma zone, any psychology of trying to outsmart the market can be exploited by the market structure. Without the resolve and ability for long-term holding, your willpower may be crushed by the market before you even realize it.

Fourth, 75k may be the line separating bull and bear.

教链 has been repeating this throughout 2025: in the late-year “Law of Power” low of the 2026 bear market is around 70k. With a safety cushion, if the year-end can realistically reclaim 75k—or even higher—then perhaps you can confirm that the bear market is over and the market begins moving into a recovery phase.

Before that, proper risk control and surviving through the bull-bear cycle matter more than being precisely right about the exact bottom.

The last of the last

As for Bitcoin’s current situation, 教链 ends with a metaphor.

You’re walking along a mountain road. The road is narrow, with a cliff on the left and sheer rock on the right. You think you’re walking steadily. But what you don’t know is that the road beneath your feet is actually a huge sheet of thin ice, and beneath the ice is an abyss.

68k is where that sheet of ice starts to thin.

This isn’t alarmism. It’s math. It’s market structure. It’s the balance sheets of countless market makers speaking.

Of course, 教链 hopes Bitcoin can hold 60k, bounce back above 75k, and keep setting new highs. But hope can’t be eaten like food. Seeing the risks clearly and preparing a response is the way to survive for the long term.

When the beasts come charging, it’s best to make sure there are bullets in your gun chamber.