Bitcoin broke through the $70,000 mark without any resistance. The area starting with 6 is the consolidation zone before the Trump rally, and the support is relatively strong. If there is a rapid dip in the short term, it may be a good time to buy the dips some. Options data shows that institutions and large investors also have an urgent need for hedging and betting. The implied volatility of BTC current month options is as high as 100%, which has doubled since the beginning of the year. The implied volatility of the main current month options has also exceeded 50%, which has increased by 15% in two weeks. Skew has even hit a new low in two years. The options market structure is now entirely dominated by bearish sentiment, but some speculative buying of deep out-of-the-money options for buy the dips has begun to emerge. Currently, the market is in a phase of excessive panic, and the conditions for a continued rapid decline in BTC are not sufficient. A quick market clearing of risk is conducive to a market rebound.