Today, BTC surged from around $66,000 to $69,310, driven mainly by optimistic expectations of easing tensions in the Middle East—market reports suggest that the US and Iran are negotiating through a third-party mediator, with a ceasefire agreement potentially reached before the final deadline on April 7. Risk appetite has increased, encouraging funds to enter the market for bottom fishing, and the short squeeze has pushed prices higher.

However, the subsequent pullback after the surge is also due to the uncertainty in the Middle East: the negotiations have not yet been finalized, and the conflict could escalate at any time. Large investors are hesitant to chase the rally at high levels, retail traders generally take profits quickly, and without strong buying support, it’s difficult to sustain the gains.