Core Viewpoint - Bitcoin has fallen below the $70,000 mark, with the $60,000 range serving as a strong support area prior to the Trump market rally, indicating potential for a rebound if a quick bottom is reached [1] Options Market Analysis - Institutional and large trader hedging demand is urgent, with the current implied volatility of Bitcoin options reaching 100%, doubling since the beginning of the year [1] - The main monthly options implied volatility has surpassed 50%, increasing by 15% in the last two weeks [1] - The skew has reached a two-year low, indicating a market dominated by bearish sentiment, yet deep out-of-the-money buy orders have emerged [1] Market Sentiment - The analysis suggests that the market is in a state of excessive panic, and conditions for a continued rapid decline are insufficient [1]