According to @CryptoMichNL, a late-session crash in Japan is pressuring BTC and he expects price to trend lower into the U.S. open before a potential sharp bounce off the eventual low (@CryptoMichNL). He notes the BTC daily RSI has fallen to its lowest level since August 2023 and the COVID crash, indicating an extreme condition often preceding strong reversals (@CryptoMichNL). He attributes the decline to Japanese carry trade stress and warns that without lower rates in Japan, downside pressure could persist (@CryptoMichNL). For validation of a low, he is watching for a large downside wick with high volume followed by a strong bid upward (@CryptoMichNL). He anticipates high volatility, subsequent consolidation, and base-building, while seeing low odds of a V-shape recovery in the near term (@CryptoMichNL).