Analyst: 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 options implied volatility reaching as high as 100%, doubling since the beginning of the year. The implied volatility of the main monthly options has also surpassed 50%, rising 15% in two weeks, and the Skew has hit a two-year low. The structure of the options market is completely dominated by bearish sentiment, but there are also some lottery-type purchases of deep out-of-the-money options. The market is currently in a state of excessive panic, and the conditions for BTC to continue to plummet rapidly are not sufficient. A quick clearing of risks in the market is conducive to a rebound."