Recently, there have been consecutive appearances of +464 and +154 level Deltas, indicating buying interest is starting to flow back, but the strength and persistence are still insufficient to dominate the market, representing absorption rather than a counterattack.

At the same time, the negative Delta selling pressure zones left over from earlier, such as -321 and -260, have not been effectively reclaimed, and the overhead selling pressure structure still exists.

Currently, BTC is stuck in the $76,700 to $76,900 range, and the core issue is not whether it will rise or fall, but whether buying interest can continue or will be suppressed again by the bears. Once the same level of negative Delta reappears, the market is likely to enter a new round of decline.