The recent decline has several special points:

1. Escalating war risks: Israel's airstrikes on Iranian nuclear facilities could trigger direct retaliation from Iran, and even U.S. intervention. This systemic risk has caused funds to flee first.

2. Technical overselling: Bitcoin's RSI has dropped to 35 (oversold zone), and Ethereum has fallen below the key support of $2500, indicating a technical demand for a rebound.

3. Severe leverage liquidation: $1.16 billion was liquidated in 24 hours, with 92% being long positions. After the panic sell-off, short covering may push for a rebound.

4. Funding is dominated by shorts: The funding rate for Bitcoin perpetual contracts has turned negative, indicating that shorts are in control. However, some shorts are beginning to take profits, potentially building momentum for a rebound.