The price of BTC has already started to break below the Gex congestion zone, and the resistance from long positions will become weaker and weaker. ETH, because the Gex is concentrated around $2000, has also broken through the Gex resistance level.


Although BTC has fallen to a very dangerous position, IV has not increased significantly, not only is the all-term IV below 40%, but the distant IV is also continuously decreasing. The three consecutive days of decline have not effectively boosted the near-term IV.
In this situation, the May expiration is roughly around 20%, and tomorrow's monthly settlement is expected to significantly change the current options position structure. The overall market is still betting on support, and large investors' concerns about a breakdown risk have not increased much.
BTC-1.6%
ETH-1.39%
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