Let’s remember why I chose the direction upward yesterday as Bitcoin approached $70,000: • The daily 50 EMA had been reclaimed. • $BTC ETF flows turned positive. • RSI and MACD were recovering. • Short positions had become overly crowded. Today, this picture was triggered by Treasury buybacks. Risk appetite rose; stocks and Bitcoin were supported by the same liquidity wave. Then came a short liquidation of roughly $1.4 billion, and the forced buying accelerated the move. So the move shouldn’t be read only as “strong demand for Bitcoin.” Spot ETF demand prepared the ground, but the derivatives market amplified the speed of the move. The key level for me on the chart is around $68,400, where the weekly 200 EMA sits. If I see staying above it, I’ll take the $71,500 scenario seriously first, and then the $76,000 scenario. However, the daily RSI has reached about 70. I won’t chase with FOMO at this level. We did see a strong move, but after a short squeeze, profit-taking or a support retest is absolutely normal. My short-term bias is upward. My invalidation condition is the loss of $66,000 and the price turning back toward the daily 50 EMA. Tonight at 21:00, there are the FOMC minutes. The rally happened before the minutes; therefore, the Fed’s tone will either confirm the current move or create the first real test.