Bitcoin has fallen below the dense Gamma Exposure (GEX) zone, with resistance to upward movement weakening, according to macro researcher Adam from Greeks.live. Ethereum has also slipped below its GEX concentration area near $2,000, affecting its short-term support. Despite these movements, implied volatility (IV) for Bitcoin remains low, with overall term IV under 40% and longer-dated IV declining. This suggests a lack of market panic, as three days of declines have not significantly increased near-term IV. The implied probability for options expiring in May is around 20%, and the upcoming monthly settlement is expected to reshape the current options positioning. The market is closely watching key support levels, with large holders not significantly increasing hedging against further risks.