About 87% of bitcoin's performance was delivered while the U.S. 10-year bond yield has been rising, one observer said.
Theoretically, the $80,000 call represents a bet that bitcoin would settle above that level on April 30.
The record bitcoin options expiry could be bearish overhang on the market.
“The market is not as confident anymore,” say Arcane Research. “More traders are positioned short.”
"My speculative guess is that institutions are buying bitcoin's price dip," one analyst said.
Bitcoin's "reserve risk" metric indicates the cryptocurrency is nowhere close to a major price top.
The drop below $55,000 comes at a time when cryptocurrency fund inflows have been on the decline.
Bitcoin looks to have charted a rising wedge pattern, a sign of uptrend fatigue.
The Federal Reserve has strengthened bitcoin's appeal as an inflation hedge, opening doors for a continued price rally.
RSI's bearish divergence indicates uptrend fatigue and suggests scope for a bull market correction.
The spike may be being fueled by increased put selling, which is usually done when the market is expected to consolidate, or rally.
Higher U.S. inflation expected to be revealed today is both good and bad news for bitcoin prices.
Bitcoin's resilience to the dollar's recent rally has opened the doors for a climb to new record highs, according to one analyst.
Upward-sloping price channel starting in late 2017 on weekly chart shows near-term resistance around $60,000.
Stronger bond yields and a rising dollar are capping price progress for risk assets.