Bitcoin has climbed above $71,000 following a conditional two-week ceasefire agreement between the US and Iran, according to QCP analysis. The ceasefire is not a lasting solution, and the options market suggests the rise is an event-driven squeeze. Front-end BTC implied volatility has decreased, but skew has deepened, with strong demand for downside put options. The term structure remains in contango, indicating continued hedging by the market. In terms of positioning, call options are concentrated in the $75,000 to $85,000 range, while put support is found between $60,000 and $65,000. A key short-term technical resistance level is identified at $74,000. Overall, the market is pricing in short-term sentiment improvement without a clear direction, with future trends dependent on macroeconomic data and event catalysts.