Bitcoin retreated after a strong surge to $70,000 in the US session on Wednesday, trading around $68,600 in the Asian session on Thursday, failing to hold above the key psychological level. Since the end of February, BTC has maintained a range-bound trading structure, having dipped to $62,500 this month and reached $71,100 on February 15th. Market analysts point out that Bitcoin broke out of a similar trading range in January, but subsequently fell rapidly from $98,000 to $60,000, forming lower highs in this downward cycle, making some traders cautious about the sustainability of the current breakout. Derivatives data shows that the total open interest (OI) in the crypto futures market increased by over 6.6%, approaching $100 billion, a higher increase than the overall market capitalization growth, indicating new capital inflows. In the options market, Deribit data shows that the Bitcoin rebound boosted demand for call options with strike prices between $85,000 and $90,000. However, the overall options structure still leans towards put protection, with $60,000 put options currently the most popular position, boasting a notional open interest exceeding $1.4 billion, indicating that the market remains wary of downside risks. (Coindesk)