Analysts flag risk of Bitcoin sliding toward $38K as volatility spikes

Options positioning indicated elevated caution, with Glassnode noting 47% implied volatility on 1‑month and 3‑month contracts that implies a 14% move over the next 30 days. CryptoQuant Insights observed the Coinbase Premium briefly turned positive for the first time since December but said it must stay above zero for 3–5 days to confirm U.S. demand, while realized volatility hit 0.83 earlier this month.