Bitcoin entered a narrow trading range after a sharp overnight correction. Yesterday afternoon, BTC's price rapidly plummeted due to the dual impact of escalating Middle East geopolitical conflicts and the large-scale expiration of crypto options, breaking below the $70,000 psychological level and dipping as low as around 68,100.

On the fundamental side, the turmoil in the Middle East combined with rising oil prices has cooled market expectations for rate cuts, highlighting Bitcoin's risk asset characteristics. Short-term macroeconomic factors remain uncertain; coupled with large options expiries this week, institutional capital battles have intensified.

From a technical perspective, on the hourly chart, BTC broke through 69,000 and gradually began to face short-term resistance, with Bollinger Bands showing decreasing bearish momentum. On the daily chart, the bulls currently lack strong momentum for a rebound, and the overall trend remains in a sideways downward state.