After a 12 percent partial rebound to $38,100 on Jan. 26, bitcoin bulls have little to cheer about. First, the price of Bitcoin has dropped 35% in the last two months, and more significantly, bears will profit $350 million if Bitcoin falls below $38,000 by the January 28 monthly options expiry. If Bitcoin is trading below $38,000, the right to acquire it at that price is worthless.