From the 4-hour chart perspective, after a rapid decline earlier, the market has not organized an effective rebound, and bullish sentiment is clearly frustrated. Currently, the candlestick remains under continuous pressure below the short-term moving average system, showing a typical weak arrangement. The Bollinger Bands remain open downward, with the middle band and lower band jointly forming a downward resistance zone. Each small rebound in price is met with suppression, and buying strength is almost nonexistent in terms of sustainability.

At this stage, the price fluctuates narrowly around 70,800, and this sideways movement seems more like a passive consolidation within a downtrend rather than a bottoming or stabilization. The market lacks active buying momentum, and the rebound strength is far less steep than the decline during bearish releases, indicating that the market is still dominated by the bears. The area around 71,500-72,000 has been tested multiple times but has failed to break through effectively. The accumulated selling pressure in this zone cannot be ignored and has become the short-term dividing line between bulls and bears.