The crypto market experienced a classic "V-shaped reversal" yesterday. During the daytime trading session, multiple macroeconomic negative factors resonated and caused a shock, with Bitcoin continuing to decline and dropping to a low of $74,200. The bears held absolute dominance, and market panic quickly spread. However, there was a turning point in overnight news—driven by rumors of a draft US-Iran agreement, geopolitical risk premiums temporarily eased, combined with the previous liquidation of over $900 million that led to a concentrated short covering, forming a strong resonance between technical oversold rebound and news sentiment. In the early morning, bulls launched a strong counterattack, pushing Bitcoin up to a high of $77,300, and the current price is approaching the upper end of the short-term recovery zone. Whether the rebound can continue largely depends on two key variables: first, whether the US-Iran agreement can be officially finalized; second, whether US bond yields will show signs of loosening. In the absence of sustained incremental buying, a short-term shift to a sideways consolidation pattern is highly likely.