Analyst: Market in Overly Panic Phase, Conditions for BTC to Continue Rapid Sharp Decline Are Not Sufficient

Odaily News: Adam, a macro researcher at Greeks.live, posted on platform X, stating: "Bitcoin broke through the $70,000 psychological level without resistance. The next range starting with '6' is the consolidation area before the 'Trump rally' began, where support is still relatively strong. Options data shows that institutions and large investors are also showing urgent hedging and betting demand. The implied volatility for BTC weekly options has surged to 100%, doubling since the beginning of the year. The implied volatility for major monthly options has also exceeded 50%, rising 15% within two weeks, and Skew has hit a new two-year low. The structure of the options market is now completely dominated by bearish sentiment, but some lottery-type purchases of deep out-of-the-money options for bottom-fishing are starting to appear. Currently, the market is in an overly panic phase. The conditions for BTC to continue a rapid sharp decline are not sufficient, and a swift market risk clearing would be beneficial for a rebound."