After Bitcoin drops below $71k, the market isn't simply weakening but is instead being pulled between macro risks and long positions adding to their holdings.

Iran has ended negotiations with the United States and threatened to block the Strait of Hormuz; the market initially prices this as a safe-haven and oil price shock, making risk assets easily influenced by headlines. $BTC
The U.S. Senate has resumed discussions on the CLARITY Act, with regulatory developments still fermenting; the positive aspect is clearer rules, while the pressure is that short-term funds will wait for results. $ETH
Vitalik mentioned multiple Ethereum privacy transaction proposals, indicating that ETH narratives are still heading toward native privacy and censorship resistance. $ETH

Bitcoin futures open interest is about $7.5 billion, which indicates high leverage in the market, and any breakout in either direction could amplify volatility.
Longs account for 67%, showing a clear bias toward bottom-fishing sentiment, but also increasing the risk of liquidation during declines.
Active buy-sell ratio is 0.89, meaning buying momentum hasn't caught up; longs are numerous but buying pressure isn't strong enough.
Fear and Greed Index is at 23, indicating the market is still in fear territory, suggesting sentiment hasn't shifted from defensive to offensive.
Mainstream coins' funding rates are mostly around 0.01%, indicating low leverage costs, and that directional disagreements haven't become extreme.
Whether the rebound can continue depends on whether Bitcoin can retake $71k and whether active buy orders can recover from 0.89 to favor buyers.
$BTC $ETH Do you think this drop below $71k is a shakeout or the start of a new deleveraging cycle?
Generated with Claude Opus 4.8. AI may be incorrect; information is for reference only.