QCP analysis points out that BTC rebounded alongside risk assets to around the $74K range. Spot prices continue to climb amid negative funding rates and weakening open interest, indicating that shorts are still resisting and driving a squeeze. However, the options market has not confirmed a breakout. At-the-money implied volatility on the front end is around 40%, IV rank remains low, and 1-month volatility is lower than 3-month. Meanwhile, the 30-day 25-delta risk reversal shows that demand for downside protection is still stronger than upside bets. This suggests the current trend is more of a spot-driven relief rally rather than an options-driven increase in risk appetite. https://(wublock123.com)/news/btc-rebounds-to-74k-but-structure-defensive-no-confirmed-breakout-59598