[Analysis: Bitcoin Maintains Range-Bound Fluctuation, Central Bank Policies Become Market Focus] According to the latest market commentary from QCP Capital, Bitcoin hovered around $74,000 this morning, remaining within the post-surge range but struggling to break recent highs. The options market conditions are stable but lean defensive, with 30-day implied volatility holding around 50, still higher than realized volatility. The term structure maintains a slight futures premium, and the 30-day risk reversal indicator continues to show that put options are more expensive than call options. The forward curve still implies geopolitical risk premiums. Macro factors dominate this week, as the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England are set to announce their interest rate decisions. With high oil prices complicating the outlook for rate cuts, the market has scaled back expectations for easing, weakening the interest rate backdrop's support for the crypto market. Bitcoin is no longer traded purely as a high-risk asset, but there has also been no sustained inflow of safe-haven funds. The range is expected to persist until policies or geopolitical developments provide clearer direction.