Bitcoin has no resistance to fall below the integer level of $70000. The next six starts with the horizontal area before the launch of Trump market. The support force is still strong. If there is a quick bottoming in the short term, we can consider bottoming out. Option data shows that institutions and large investors also have urgent hedging and betting needs. The implied volatility of BTC's current cycle options is as high as 100%, which has doubled compared to the beginning of the year. The implied volatility of the main options in the current month has also exceeded 50%, and has risen by 15% in two weeks. Skew has hit a new low in two years. The structure of the options market has been completely dominated by bears, but there have also been some lottery style buying with deep virtual values to buy at the bottom. At present, the market is in a stage of excessive panic, and the conditions for BTC to continue to plummet rapidly are not sufficient. Rapid market clearing of risks is conducive to the rebound of the market.