Bitcoin surged to 71,377 before quickly pulling back, forming a long upper shadow, indicating extremely strong selling pressure above and that bulls are unable to hold steady.

The rally lacked volume, while the pullback was accompanied by increased volume, a typical "trap to lure longs and distribute," where the main force is offloading positions during the rebound.

High points keep decreasing, and lows are being refreshed; the overall trend remains within a downward channel. The rebound is only a correction, with no reversal signals. Short-term moving averages are turning upward, but the medium-term remains in a bearish alignment. The strong resistance zone at 71,500–71,800 presents a significant challenge.

Recommended operation: short in batches at 71,200–71,500, aiming for a decline to 70,500 → 69,800, with a break below 68,800.