$BTC Falling below $70k does not mean the bears have already won; the current price around $66,295 suggests that the market has shifted from a psychological battle to testing rebound selling pressure.

24-hour liquidation of $760 million, with the entire market evaporating $176 billion, this is not an ordinary pullback but a simultaneous removal of leverage and risk appetite.
However, open interest in BTC contracts still stands at $7.07 billion, indicating that the chips have not been truly withdrawn; the funding rate is +0.0082% and long positions account for 69%, showing longs are still paying to hold and stubbornly resisting.
Fear of greed has already turned into panic; US sanctions on Iranian crypto exchanges, Sanders and Warren pressuring Bitcoin 401(k) rules are adding policy noise; next, watch whether open interest declines, ETF flows, and large on-chain transfers.
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