With Bitcoin's price holding steady around $63,000, showing a slight decrease over the past 24 hours, attention is turning to the options market, which is offering insights into shifting investor sentiment ahead of the April 26 expiration date. A significant development is the decrease in positive gamma exposure as Bitcoin dipped below the heavily traded $65,000 call strike.

Imran Lakha, an experienced options trader with two decades of expertise, highlighted this trend, stating, "Short gamma reduced on the way down as we went through the big long strike at 65k suggesting volume has been smashed lower, calls are getting dumped."

Data from Deribit on options open interest indicates a max pain price of $61,000, potentially serving as a short-term support level. Despite substantial open interest in calls above the current spot price, the lack of put open interest below $60,000 suggests a shortage of downside protection. This price level has been identified by CryptoSlate as a critical support threshold.

The put/call ratio, standing at 0.68, demonstrates a modest inclination towards calls. However, this has declined notably, likely due to profit-taking on downside hedges.

In summary, analysis of the options market data indicates a tempering of bullish sentiment as Bitcoin retraced from recent highs. Nevertheless, the remaining holdings of upside options could still influence short-term price dynamics, with the max pain level potentially serving as a support zone to monitor.