Analysts believe that the market is in a state of excessive panic, and the conditions for BTC to continue its rapid decline are not sufficient

Greeks.live macro researcher Adam posted on the X platform: "Bitcoin has effortlessly broken below the $70,000 mark. The next area starting with 6 is the consolidation zone before the Trump rally, and the support is still relatively strong. Options data shows that institutions and large holders are also experiencing urgent hedging and betting demands, with BTC's current cycle implied volatility reaching 100%, which has doubled since the beginning of the year. The main monthly options implied volatility has also surpassed 50%, rising 15% in two weeks, and the Skew has hit a new low in two years. The structure of the options market is completely dominated by bearish sentiment, but some lottery-type buying of deep out-of-the-money options has begun to appear. The market is currently in a state of excessive panic, and the conditions for BTC to continue to drop rapidly are not sufficient; a quick clearing of risks in the market is conducive to a rebound."