Currently, $Btc can’t drop any further because there are too many people shorting.

The contract funding rate is deeply negative, and the market is crowded with shorts.
A large number of retail traders are rushing to short—this is a typical early warning of a short squeeze.
On the weekly chart, the overall structure is a bearish wedge correction pattern.
The previous sharp surge and long bullish candle was formed by large funds buying in.
In the early morning, it revisited the parallel high and, after breaking below, quickly recovered.
Below at 7.69万, there are still large funds providing support / the ability to absorb sell orders.
It is necessary to wait for a large bearish candle that engulfs the previous candles and bounces back, and then breaks below the prior trend line.
Only if the funding rate turns positive will it be able to decline smoothly.