BTC ETH The market these past two days has basically followed the expected trajectory. Bitcoin ($BTC) rebounded sharply to around 70K, signaling a temporary end to the downtrend, and the market has entered a consolidation phase. Although the price has rebounded significantly, jumping from 60K to 71K in one go—a nearly 20% rebound—there’s still no obvious sell signal in the contract and spot leverage data. Looking at the continuous decline in contract open interest, this rebound is a natural recovery after overselling, combined with a resonance effect caused by short positions gradually taking profits. Currently, about half of the short positions have been closed. As for the height of this rebound, I’m still sticking to my previous prediction. Bitcoin’s ($BTC) top will likely be around 75K, as the area above 75K is packed with heavy resistance from trapped positions across the board. It will be very difficult to break through effectively in the short term. Bulls in this consolidation phase can also start gradually taking profits.