L'Iowa et d'autres changements politiques ne freinent pas Bitcoin qui se maintient fermement au-dessus de 71 000 $ — La réduction de l'effet de levier devient un tournant du marché

Current geopolitical uncertainties, especially around market turbulence related to political events in the US including Iowa, have shown Bitcoin’s remarkable resilience. According to ChainCatcher, Bloomberg is once again predicting an extreme decline, but the industry is evaluating this coldly.

Discrepancy between Bloomberg forecasts and market reality—What Deribit data reveals about trader sentiment

Omkar Godbole, an analyst at Coindesk, states that Bloomberg continues to assert an unrealistic outlook, suggesting Bitcoin could fall to $10,000. This level has not been seen since mid-2020, and most market observers dismiss such predictions as unfounded.

However, a detailed analysis of data from Deribit, the largest crypto options trading platform, reveals interesting facts. About $800 million in open interest is concentrated in $20,000 put options, making it the fourth most popular strike on the platform.

Sidrah Fariq, Deribit’s Global Retail Sales Manager, explains traders’ true motivations: “Most positions are not just direct bets on a decline but are closer to selling put options. Traders judge that the probability of reaching these levels is extremely low, so they often sell out-of-the-money puts.” In other words, the apparent concentration of $20,000 positions does not reflect bearish outlooks but rather strategies seeking profit under limited risk.

Strategic positioning amid robust multi-asset performance

As of March 23, 2026, major cryptocurrencies are showing a uniform upward trend. Bitcoin is up 3.70% near $71.06K, Ethereum +4.42%, Ripple +3.82%, Solana +5.36%. Even in the face of external factors that could cause major upheaval (such as rising oil prices), Bitcoin continues to hold this high level.

This resilience is underpinned by sophisticated strategic positioning among market participants. Large hedge positions, especially the use of put options, suggest that market players are exploring risk management alongside profit opportunities.

Structural improvements in the market set the stage for the next phase—The constructive significance of reducing leverage

Diana Pires, Vice President of Sales at crypto platform sFOX, views the ongoing market changes positively: “From a market structure perspective, the liquidation of excessive leverage is highly constructive. Reducing leverage positions tends to create a more stable foundation and prepares for an upward trend when macro catalysts emerge.”

As multiple analysts point out, excess leverage in the Bitcoin market is gradually being reduced. This adjustment process may cause short-term price fluctuations but ultimately strengthens the market foundation in the medium term. Even amid ongoing political uncertainties in the US, including Iowa, these intrinsic structural improvements help maintain investor confidence.

Overall, current market trends suggest that Bitcoin and related assets are evolving toward a more mature market structure, not just price appreciation, and this process is further accelerated by the rational reduction of leverage.