BTC is currently in the "price consolidation and institutional covert battle" stage, a typical "retail investors getting shaken out, large institutions accumulating" structure. In the short term, continued pressure is expected, with a key support level at around $65,900. If broken, further decline may occur; resistance above is in the $68,000-70,000 range (a previous zone of moving averages). Without a macro liquidity turning point, a major reversal has not yet arrived—but extreme panic combined with bullish divergence indicates that risks are shifting upward.