Considering the recent daily volume surge and the liquidation of whale positions, along with the overall market turning bearish, this sharp drop from 90,000 to 74,000 seems to have some signs of momentum divergence;

First, during this daily decline, the spot premium did not follow downward but instead gradually rebounded, indicating that the futures market is the main driver of the crash, while the spot market is passively following.

Second, if the daily decline stops here, it would create a momentum divergence within the ASR channel, because this drop did not directly reach the lower blue support band. Compared to the previous decline, the momentum has slightly weakened.

Following this logic and the rhythm of past market movements, the next step is for the price to oscillate and rebound again, then break to a new low with even weaker momentum, which would mark the end of this long-term bearish trend.