The daily chart has continuously crashed from a high of 74500 to around 68800, indicating substantial damage to the market structure. The recent decline has been accompanied by a significant increase in volume, indicating that this is not simply a contract wash, but rather a real large-scale spot market issuing chips at high prices. OKX At present, the funding rate has dropped to an extremely low level, and long positions have indeed cleared. However, leveraged liquidation only represents a reduction in passive selling pressure, and does not mean the emergence of active buying. In the absence of derivative funds to support the market, the current market relies entirely on the buying power of spot orders. Once the buying power is insufficient, it is prone to an irresistible bearish trend. In terms of macro and US stocks, the AI mainline in the US stock market is still soaring, absorbing the vast majority of liquidity in the market. The strength of technology stocks has caused a significant capital drain effect on the cryptocurrency market at this stage. Combined with the continuous delay of the Federal Reserve's interest rate cut expectations, the current market lacks macro funding increments to drive large-scale reversals, and the characteristics of stock game are very obvious. The next focus will only be on the support band of 67000 to 68000, which is the chip intensive area in the early stage and also the watershed between long and short positions. Place the entry range at a light position of 67000 to 67500 for testing, and place the defensive stop loss at 66500. If it falls below 66500, leave unconditionally. The first target above is to repair the gap at 70500. If the volume can be reduced and stabilized here, it indicates that the main funds are still protecting the market, and there is a need for upward repair in the market. If the volume breaks through 67000, the liquidity below will instantly dry up, and the trend will be directly confirmed as a reversal, seeking support at 63000 or even lower. Subjective speculation about the bottom is meaningless, and trading must respect objective trends. Blindly taking a cut on the left side before the bearish candlestick is digested carries extremely high risks.