Last night, Bitcoin experienced a sharp rally, breaking through 69000, 70000, and 71000 in succession within just one hour. Bitcoin's daily gains ranged between 3.17% and 4.63%, quickly shifting from sideways consolidation to a sharp advance. The price peaked at 71800 before pulling back, failing to sustain the rally and forming a typical spike-and-drop pattern. Based on the 70000 support level and 4-hour structure last night, we provided long strategies. The market moved as expected, with intraday highs touching 71809, highly aligned with our target levels. As the chart structure changed subsequently, we began taking profits in batches and secured a clean 800-point gain.

On the surface, last night's surge appears driven by news catalysts, but in essence, it was a dead-cat bounce combined with news-driven bull trap—not a trend reversal. The daily downtrend channel remains intact, with 50 and 100 daily moving averages in bearish alignment while price trades below all moving averages. The 4-hour MACD shows exhausted momentum and RSI exhibits top divergence signals, with 72000 serving as strong resistance above.

Morning operation strategy focuses on selling rallies. For Bitcoin, watch 71000-71500 for shorts, targeting 69000. For Ethereum, watch 2160-2190 for shorts, targeting 2060. $BTC ‌$ETH