This character is a Other Letter and is mainly used in the Han script. The Unihan Database defines it as fire, flame; burn; anger, rage. Its Pīnyīn pronunciation is huǒ.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it is written from left to right. When changing direction it is not mirrored. U+706B offers a line break opportunity at its position, except in some numeric contexts. The glyph can be confused with 2 other glyphs.
The Wikipedia has the following information about this codepoint:
Radical 86 or radical fire (火部) meaning "fire" is one of the 34 Kangxi radicals (214 radicals in total) composed of 4 strokes.
In the Kangxi Dictionary, there are 639 characters (out of 49,030) to be found under this radical.
In the Chinese wuxing ("Five Phases"), 火 represents the element Fire. In Taoist cosmology, 火 (Fire) is the nature component of the Ba gua diagram 離 Lí.
火 is also the 95th indexing component in the Table of Indexing Chinese Character Components predominantly adopted by Simplified Chinese dictionaries published in mainland China, with 灬 being its associated indexing component.