Technical Support Level: If the price holds above the 72,000-74,000 USD range (recently concentrated chip area and miner cost line), a technical rebound may be triggered. If it effectively breaks below 70,000 USD, caution is needed for further downside risk.

Macro Policy: If the Federal Reserve's February rate decision (February 6) signals dovish stance, it may boost risk assets; additionally, clarity on the US "CLARITY Act" legislative progress could alleviate regulatory uncertainty.

Capital Flows: Continuous net inflows into spot ETFs (e.g., over 500 million USD in a single day) or increased holdings by whales (e.g., MicroStrategy mode) could serve as catalysts for a rebound.

Time Window: Technical analysis indicates that if the price stabilizes within the 72,000-74,000 USD range and shows a "Stop Hunt" (false breakout followed by rapid rise), a rebound may begin; if the Federal Reserve's policy implementation does not intensify selling pressure, the probability of a rebound will significantly increase. Short-term focus on the Non-Farm Payrolls data on February 6 and the ISM Manufacturing PMI on February 13, which may disturb market sentiment.

In summary, Bitcoin may experience a phased rebound in late February, but vigilance is required regarding volatility risks caused by macro liquidity tightening and market sentiment fluctuations.