Currently, Bitcoin is consolidating around 71K with decreasing volume, in the period of retesting after breaking through the downward trendline.

From the 4H chart structure, the support below is extremely strong. The long-term downtrend line has been thoroughly broken, and the price is now exactly at the intersection of the upward trendline and the breakout point, forming a classic bullish flag pattern.

The sharp decline near 68K earlier on violently cleared out long leverage positions, then immediately formed a large bullish candle to rally. This indicates that major funds have a very clear intention to defend the bottom.

Combined with the recent risk appetite recovery after the panic in the US stock market, the macro liquidity rebound is providing external support for the market, and the overall environment remains bullish.

71K: The upward trendline and retest resonance zone, the right-side low-entry area
69.5K: Defensive bottom line, invalid if the real body breaks below, short-term bullish structure fails
73K: Short-term resistance above, once broken through the previous high, there will be no resistance

The bottom of the current chart is continuously rising. Since the structure has shifted from bearish to bullish, we should follow the main force's logic and maintain a bullish mindset. As long as there are no black swan events in the macro environment, a breakout above the previous high is highly probable.