2.26 Morning

Fueled by positive policies from Trump, Bitcoin surged violently yesterday from around 62,400, reaching a high of 69,999. After a V-shaped rebound, it quickly faced resistance and pulled back. This round of rally was mainly driven by sentiment rather than continuous fundamental improvements, and the risks of short-term correction and deep adjustment are rapidly accumulating.

Technical analysis: The 70,000 level is a key psychological resistance in history, with previous trapped positions and profit-taking creating dual selling pressure. Yesterday's sharp rise closed with a long upper shadow, indicating that bullish momentum is clearly insufficient. If the 70,000 level is not broken, the outlook for the day remains bearish.

Bitcoin: Short positions can be taken in batches at 68,800-69,500, with targets of 67,500—67,000—66,000.