QCP analysis indicates that Bitcoin temporarily dipped to around $72,900, hitting a post-election low, then rebounded, currently testing the key level of $75,000. During the decline, open interest in futures contracts shrank, funding rates turned negative, and deleveraging was evident. On the options front, near-term implied volatility remains high, the term structure is mildly backwardated, and the skew is steeply downward, indicating the market continues to price in short-term downside risk. $75,000 is a critical watershed; stabilization above this level suggests conditions for phased accumulation, while a break below could shift the market toward a defensive stance.