BTC returns to 70k, is it a trend reversal or a final carnival? When everyone is watching the situation in the Middle East, BTC has quietly returned to the key level of the 20 day moving average. The price has repeatedly fluctuated at the support level of $62500, and although the momentum indicator has been repaired, the overall downward structure has not reversed. The current rise is mostly a temporary correction of oversold in bear markets. What the current market lacks is not liquidity, but narrative reconstruction. Both the US dollar and US Treasury yields have strengthened, and BTC is still trapped in the pricing logic of "high volatility risk assets", unable to dance alone, compressing volatility and testing positioning. Before liquidity truly improves, any burst should be cautious. The market believes that risks are "financially controllable", and any burst should be cautious before liquidity truly improves.