Bitcoin experienced two periods of accelerated upward movement this morning due to the "ceasefire" news impact. Currently, the short-term high price has surpassed 72,700. It’s impossible to chase the rally at this point. Although the news has temporarily paused the conflict, given Trump’s personality and credibility, there’s a high chance he could suddenly restart the conflict at any time. It’s not necessary to take the risk of chasing the tail-end of this rally. From the current perspective, this rebound is still quite strong, and the ceasefire news has the most significant influence on the pattern, which is secondary.

However, yesterday’s rapid rise clearly aimed to break the accumulation zone around 70,000, which is a key resistance level. Plus, the market was relatively weak yesterday, prompting many bears to enter short positions. After the trap, there was a sharp acceleration upward, which mostly liquidated or stopped out the initial short positions.

Now, after completing this wave of rapid rise, the probability of directly breaking through and reaching 75,000 again is relatively low, because the price has already reached the neckline resistance of the head and shoulders bottom pattern from four hours ago. Although the pattern failed, the neckline is a minor high point, which means there is selling pressure. Additionally, in the 74,000–75,000 range, there are many trapped longs. I don’t think they will be easily shaken out; at least, a correction is likely to occur.

Reference: Short #BTC 71,650, target 69,650, stop-loss 1,100 points #ETH