$BTC is testing a critical support zone after a rapid decline, but high open interest suggests the market structure is fragile, and traders should be cautious of a chain reaction of long liquidations.

🎯 Direction: Close position

The current market indicates that falling prices are accompanied by high open interest, which is a typical warning sign of a "long squeeze" or "main force distribution." Price action (PA) shows persistent selling pressure, with buying absorption weak, failing to form an effective support structure. Market sentiment is leaning towards panic, and a healthy reset requires time rather than a V-shaped reversal. Small losses and large gains, the current profit and loss ratio is unclear, awaiting more definitive signals of supply and demand imbalance.