QCP analysis suggests that BTC rebounded above $71,000 due to the impact of the two-week ceasefire agreement between the U.S. and Iran. However, the ceasefire is conditional and does not represent a lasting resolution. The options market indicates that this rally is more of an event-driven short squeeze. Front-end BTC implied volatility has declined, but skew has deepened, and demand for downside put options remains strong. The term structure remains in contango, showing that the market hasn’t abandoned hedging. In terms of positions, call options are concentrated in the $75,000 to $85,000 range, while put support lies in the $60,000 to $65,000 range. The short-term key technical level is the $74,000 resistance. Overall, the market is pricing in short-term sentiment improvement but hasn’t established a clear direction. Moving forward, attention should be paid to macro data and event catalysts for their impact on the sustainability of the trend. https://(wublock123.com)/news/btc-rebounds-above-71000-but-market-stays-hedged-59268