The longs of Bitcoin and Ethereum have been significantly cleared, and many altcoins' leveraged trading is also close to liquidation. Even if Bitcoin drops to around $85,000 in the next few days, the largest market impact could only result in approximately $1.17 billion in liquidations.

On the contrary, if the price of Bitcoin rebounds to around $105,000, it will face $2.4 billion in short covering pressure, which could lead to a strong rebound. In the short term, if Bitcoin confirms again, the key position is whether it can hold the previous low of $92,000. As long as Bitcoin does not break below $92,000 with a strong bearish candle on the four-hour or daily chart, a rebound may follow.

Similarly, if Ethereum does not break strongly below $3,100 on the four-hour or daily chart, it may also welcome a rebound.

I have gone long near ETH $3,200 and currently have a good profit.