Is Bitcoin's surge to $70,000 a bull turnaround or a short-term correction?

As Bitcoin approaches $70,000, the market instantly shifts to a "bull market BGM." The question is: is this a reversal point or just an emotional rebound?
From a technical perspective, $70,000 is a dense trading zone and a psychological integer level. Breaking through requires real buying power, not just short covering. If trading volume doesn't keep up, it's easy to create a "false breakout." However, if it stabilizes for more than three days, trend-following funds will gradually enter, creating a secondary push.
On a macro level, combined with the recovery of tech earnings and increased risk appetite, crypto assets, as high-beta instruments, naturally benefit. Especially when Nvidia and leading stablecoin projects release positive outlooks, the market's imagination about liquidity expansion is reignited.
How long can short-term sentiment last? Usually three stages: the first wave is short covering, the second is chasing after missed opportunities, and the third confirms the true trend. Currently, we are most likely transitioning from the first to the second stage.
So, instead of asking how long it can rise, it's better to watch two indicators: trading volume and retracement strength. A true reversal features shallow pullbacks; a false rebound breaks at the first sign of pressure. #加密市场反弹