Analyst: The market is in an overly panicked phase, and conditions are not sufficient for BTC to continue a rapid decline

According to Odaily, Greeks.live macro researcher Adam posted on X, stating: "Bitcoin broke through the $70,000 mark without resistance. The next range, starting with 6, is the sideways zone before the Trump rally began, where support remains relatively strong. Options data shows that institutions and large investors are urgently seeking hedges and making bets. The implied volatility of BTC options for the current period has reached 100%, doubling since the beginning of the year. The main monthly options' implied volatility has also surpassed 50%, rising 15% in 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 there are also some lottery-style deep out-of-the-money bottom-fishing buys emerging. The market is currently in an excessively panicked phase, and the conditions for BTC to continue falling rapidly are not sufficient. A swift clearing of risks in the market is conducive to a rebound in prices."