$BTC The current Bitcoin market is in a deep correction phase, with a low of $71,638 on February 5th, and now fluctuating around $72,200. The core driving factor is the reversal of the Federal Reserve's hawkish expectation of "no rate cuts until 2026," which has shifted to a more dovish stance, combined with institutional funds changing from net inflows to net outflows, a $2 billion leverage liquidation triggering a "longs vs. longs" sell-off, and tightening global regulations (such as the US SEC strengthening oversight). On the technical side, the daily chart broke below the previous support level of $74,000, forming a clear downtrend. The short-term key support levels are $71,500-$72,000; if broken, the price could drop to $70,000 or even $65,000. Resistance levels for a rebound are $73,500-$74,000; a volume breakout above this zone is needed to confirm a trend reversal.