Bitcoin, after reaching a previous high of 71,800 and facing resistance, entered a high-level narrow-range consolidation. During the midday, it pulled back to around 70,100, which provided short-term support, then rebounded to test the previous high area of 71,400. In the evening, the bears regained momentum and pushed down to the key support level of 68,900, then rebounded to recover near 70,600. The short-term market remains a tug-of-war between bulls and bears. On the 4-hour chart, the upper boundary of the upward channel shows obvious resistance, and before a volume breakout in the 71,500-72,200 range, the high-level resistance structure still holds, indicating that the technical conditions for a rebound and shorting remain intact.