BTC's price action today wiped out many long positions, with open interest dropping significantly, and funding rates also reset accordingly. The rebound phase was mainly driven by spot buying, while shorts are looking for opportunities to push the price lower. The key issue is that if spot demand weakens at this level, there may be deeper correction pressure after breaking through the key short-term support level. In the battle between bulls and bears, the subsequent trend depends on whether spot buying enthusiasm can be maintained.