According to 10x Research, the negative gamma mechanism of options that drove Bitcoin below $70,000 is reversing and may turn into a catalyst for a rebound. After BTC fell below $70,000, market makers were forced to sell, causing Bitcoin to drop as low as $65,705. Currently, the largest negative gamma position in the options market is located near the spot price, with a size of approximately $1.8 billion. Driven by factors such as improved market sentiment, the reduction of inflation risk premiums due to the Iran agreement, and market expectations that Federal Reserve Chairman Kevin Warsh will adopt a more dovish stance, the options structure may turn into a force driving a rebound.