Analysts: The market is in a phase of excessive panic, and the conditions for a continued rapid decline in BTC are not sufficient.

Adam, a macro researcher at Greeks.live, wrote on the X platform: "Bitcoin broke through the $70,000 mark without any resistance. The next 6-series options represent a consolidation zone before the Trump rally, and the support is relatively strong. Options data shows that institutions and large investors are also showing urgent hedging and betting demand. The implied volatility of BTC current-month options is as high as 100%, more than double since the beginning of the year. The implied volatility of the main current-month options has also exceeded 50%, rising 15% in two weeks, and Skew has even hit a two-year low. The structure of the options market is completely dominated by bearish sentiment, but some lottery-style buying of deep out-of-the-money options to buy the dip has also begun to appear. Currently, the market is in a stage of excessive panic, and the conditions for a continued rapid decline in BTC are not sufficient. A rapid clearing of risk in the market is conducive to a rebound."