Macro narrative + institutional funds + derivatives structure resonance; This period is basically dominated by consolidation, with occasional liquidations of longs and shorts after prolonged sideways movement. Last week, a large number of options expired, releasing hedging pressure, which should be the main driver for this push to 70K. However, liquidity remains tight until mid-April (tax season + Fed TGA rebuilding). $66K is the key support—if it breaks, the narrative reverses.