QCP analysis indicates that influenced by the US and Iran reaching a two-week ceasefire agreement, BTC has rebounded above $71k. However, the ceasefire is conditional and has not resulted in a lasting resolution; the options market shows that this rally is more driven by event-driven short squeeze, with front-end BTC implied volatility declining, but skew deepening and demand for downside puts remaining strong. The term structure remains in contango, indicating that the market has not abandoned hedging. Regarding positions, call options are concentrated in the $75k to $85k range, while support for puts is at $60k to $65k. The key short-term technical level is resistance at $74k. Overall, the market is pricing in short-term sentiment improvement but has not established a clear direction. Future developments should focus on macroeconomic data and event catalysts affecting the sustainability of the trend.