Analyst: The market is in an excessive panic stage, and the conditions for BTC to continue dropping rapidly are not sufficient.

ChainCatcher Message, macro analyst Adam from Greeks.live posted on X platform: “Bitcoin has fallen through the 70,000 USD level without resistance. The next six-figure level is the sideways trading zone before the Trump rally starts, and the support remains relatively strong. Options data shows that institutions and large investors are also urgently hedging and betting, with BTC’s implied volatility of at-the-money options reaching as high as 100%, doubling since the beginning of the year. The implied volatility of main monthly options has also broken through 50%, rising 15% in two weeks, and Skew has hit a two-year low. The options market structure is now dominated by bearish sentiment, but some lottery-like deep out-of-the-money buy-the-dip strategies are beginning to appear. Currently, the market is in an excessive panic stage, and conditions for BTC to continue a rapid decline are not sufficient. Rapid risk clearing in the market is conducive to a rebound.”