Analyst: Bitcoin Maintains Resilience in Market Turbulence, Market Consolidation Clears Leverage for Next Leg Up

March 12th, CoinDesk analyst Omkar Godbole noted that Bloomberg has reiterated its prediction: Bitcoin could drop to $10,000 — a price level not seen since mid-2020. Industry observers, however, call this forecast too absurd. Yet on Deribit, the largest crypto options trading platform, roughly $800 million in open interest is tied to put options with a $20,000 strike price, betting the token will fall below that level. This is the platform’s fourth-most popular bearish bet, signaling some traders are prepping for a potential plunge. Deribit, though, says not all positions are direct wagers on a price collapse. Deribit’s Global Head of Retail Sales, Sidrah Fariq, explained: “Most positions are more about selling put options than directional long hedging. Traders often sell far-out-of-the-money puts because the odds of those levels being hit are extremely low.” Meanwhile, Bitcoin has shown notable resilience, hovering around $70,000 even as benchmark oil prices approach $100 amid a rebound and market volatility. Ethereum, XRP, and SOL have also held strong, while HYPE tokens surged roughly 10% in 24 hours. Analysts say excessive leverage is being unwound in the Bitcoin market, clearing the path for a price uptrend. In an email, sFOX VP of Sales Diana Pires commented: “From a market structure standpoint, this consolidation could be constructive — reducing leveraged positions often lays a more stable foundation for the next wave once clearer macro catalysts emerge.”