The Bitcoin market is experiencing a noticeable change. According to on-chain data, traders' leveraged positions have been significantly liquidated, and the open interest has fallen to a historic low—this typically indicates that extreme market sentiment has been released. From a technical perspective, after excessive leverage has been cleared out, BTC has actually paved the way for the next upward trend. Many market participants believe that this low point could be a signal for a rebound. When all leverage is wiped out and retail panic is nearing an end, it often precedes a strong rebound. In the short term, there is a possibility that the crypto market will experience a relatively strong rebound.