On February 7th at 11:00 (UTC+8), BTC is currently around $70,500, with a deep V-shaped reversal in the past 24 hours, touching a low of $60,008 and a high of $71,751, rebounding over 19%.

1. Core Technical Analysis (4-hour / Daily Chart)

- Price Pattern: Daily chart shows a long lower shadow "Deep V," 4-hour level shows a rebound correction, but the weekly chart remains in a downtrend channel, and the medium-term trend has not changed.
- Moving Averages: The 24-hour moving average around $68,000 is the short-term bulls/bears dividing line; the daily MA5/MA10 death cross has not been repaired, with MAs of 20/30 forming resistance above.
- Indicators: RSI (14) quickly rebounded from oversold levels to around 50, indicating a release of correction demand; MACD (4-hour) bearish momentum is weakening, with signs of a potential turn; volume shows a rebound with increased trading volume, but caution is needed for volume contraction and pullback.
- Key Price Levels: Strong support at $64,000 (rebounce starting point); breaking below invalidates the rebound; first resistance at $68,000 (24-hour MA + dense trading zone); second resistance at $72,000 (today’s high, a breakout would indicate a strong reversal).

2. Trading Strategies (Actionable)

- Long Position Strategy: Hold above $68,000 with increased volume and positive funding rate, try a small position (≤30%), with a stop loss at $63,500; if breaking $72,000 with volume, add to 50% position, target $75,000.
- Short Position Strategy: Encounter resistance and volume contraction at $71,500–$72,000 during rebound, try a small short, with a stop loss at $72,500, target $68,000.
- Wait-and-See Scenario: Break below $64,000 with liquidation and rebound, volume shrinking, reduce positions or wait, to avoid risk of rebound failure.

3. Risks and Key Signals

- Risks: Leverage deleveraging not yet complete; approximately $2.242 billion in total liquidation over the past 24 hours, institutional deleverage may lead to secondary selling pressure.
- Confirmatory Signals: ETF net inflow exceeding $100 million, continued reduction in liquidations, USDT premium >0.3%, combined with volume support at resistance levels, can strengthen bullish confidence.

Conclusion: In the short term, this is a rebound from oversold conditions and a correction after leverage liquidation, not a trend reversal. Trading should focus on key levels, volume, and funding conditions, with strict position control and stop-losses. Prioritize quick in-and-out trades; medium-term signals require waiting for weekly chart stabilization.