[QCP: BTC briefly dipped below $63,000 before rebounding near $70,000] On March 11, QCP Capital analyzed that under the geopolitical shock caused by the Iran conflict, BTC briefly dipped below $63,000 before rebounding near $70,000, demonstrating relative resilience. Volatility in the options market has fallen to the mid-50s, while risk reversals remain negative, indicating continued demand for downside protection. On the macro level, the stock market is under pressure, U.S. Treasury yields are rising, and rate cut expectations have been postponed, with the market showing stagflation characteristics. Brent crude oil briefly surged to $120 before pulling back, and the IEA plans to coordinate the release of 300-400 million barrels of strategic reserves. BTC is currently behaving more as a liquidity-sensitive macro tool, with the market focusing on today's U.S. CPI data.