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Bitcoin’s (BTC) f<\/a>utures market reflects a possible price cooldown after the cryptocurrency’s multiple weeks of correction. Data from CryptoQuant indicated<\/a> that the BTC-USDT futures leverage ratio with respect to open interest (OI) has halved since peaking in early 2025. <\/p>\n Bitcoin estimated futures leveraged ratio. Source: CryptoQuant<\/em><\/p>\n<\/figcaption><\/figure>\n<\/p>\n This significant de-leveraging has occurred because of massive liquidations over the past few weeks, which has effectively taken a majority of traders out of the market. Thus, the current market conditions indicate a healthier market reset, which is not overheated and could potentially pave the way for a steady price recovery. <\/p>\n Bitcoin’s open interest dropped<\/a> 28% from $71.8 billion on Dec. 18 to $51.8 billion on April 8. This underscores the magnitude of the current deleveraging event. Although this may induce short-term volatility, as few market players might control the price, it also positions BTC for stability in the long term, offering an advantage in the current uncertain trend. <\/p>\n Related: Bitcoin futures divergences point to transitioning market — Are BTC bulls accumulating?<\/strong><\/em><\/a><\/p>\n In an X post, Sina, the co-founder of 21st Capital, presented<\/a> an update on his Bitcoin Quantile Model and said, “Bitcoin is getting significantly de-risked here.” <\/p>\n Bitcoin Quantile Model. Source: X.com<\/em><\/p>\n<\/figcaption><\/figure>\n The analyst explained that Bitcoin might have already completed 75-80% of its correction, declining from $109,000 to $74,500. Historically, prices have fallen by as much as 34% during the six-to-eight-week span of such trends. Bitcoin has dropped 31% from its all-time high, and a further decline to $72,000-$70,000 would bring it to approximately 34%. Sina added,<\/p>\n “Absent a recession, $70K is my worst-case scenario. While the macro backdrop remains grim and further sell-off is possible, we think Bitcoin is deeply undervalued for a long-term investor.”<\/p><\/blockquote>\n However, the likelihood of an immediate recovery remains low, as Bitcoin researcher Axel Adler Jr. expects<\/a> BTC to move sideways in the “volatility corridor.” <\/p>\n Bitcoin support and resistance level. Source: X.com<\/em><\/p>\n<\/figcaption><\/figure>\n The volatility corridor identified a price range of $75,000 to $96,000, outlined with the help of short-term holders’ realized prices over different time periods. <\/p>\n Adler Jr. said that it was possible that BTC would consolidate between these levels over the next few weeks but warned that the price must hold a position above the 365-day simple moving average. A break below the key indicator could potentially lead to a new yearly low below the $74,500 level, with the ideal price being $70,000, as noted earlier. <\/p>\n$70,000 Bitcoin is the worst-case scenario, says analyst<\/h2>\n
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