Currently, implied volatility (IV) has surged to a high of 116.55%, and realized volatility (RV) has inverted to 168%, indicating that the market is in a state of "black swan"-like violent stress. The $64k-$65k range is the current core risk zone. Due to the dense accumulation of negative Gamma, a breach of this level will trigger a chain of sell-offs by market makers, amplifying the decline. Large investors are currently building a quarterly defensive range around $60k-$75k, intending to reap expensive option premiums amidst the sharp volatility. #bitcoin