This time, Bitcoin’s April options expiration, the notional size is close to $7.9 billion; positions have piled up again around 75,000, and the price is now standing above max pain. Before and after settlement, it’s easy to get tugged around by the positions; in the short term, it looks more like a tug-of-war between squeeze and pullback. Chasing breakouts or selling off isn’t worth it—waiting for volatility to settle down and then looking at direction will be more stable.