The afternoon's downward move met expectations, successfully breaking through the 70,000 level, with the lowest touch at 69,421. Although there was a rebound afterward, it remains a technical correction after an oversold condition rather than a trend reversal. The current price has rebounded to around 70,280, which is precisely the critical area for testing the validity of this breakdown.

From a structural perspective, the breach of the 70,000 level has technical significance. This level has shifted from previous psychological support to current resistance. If the price cannot quickly stabilize above 70,300 and recover the afternoon’s decline, this rebound is merely a short-term pause for the bears after volume expansion, with a higher probability of continuing downward movement after gathering strength. On the indicator front, the 4-hour MACD bearish momentum histogram shows no significant decrease, and the bearish pressure from the moving averages system remains unresolved.

In terms of trading strategy, it is still necessary to maintain a trend-following mindset, paying attention to the resistance in the 70,300-70,500 zone. After the rebound loses momentum, it remains a good opportunity to establish short positions, with the next support targets continuing to be tested in the 69,000-69,500 range.