The 70,000 level has been tested twice by the bulls with no success. Their attitude says everything. After failing to break higher, the price directly consolidated sideways with a broken K-line, weak rebounds, and sluggish momentum. This is not a reversal signal but a sign that the bulls are completely exhausted.

The hourly technical pattern continues to be bearish, with the Bollinger Bands opening downward. The bears are gathering strength, and the sideways movement is just to facilitate a smoother breakdown later. Don't be fooled by minor rebounds; the trend hasn't changed, and the outlook remains bearish.

Trading suggestion: Short around 68,800-69,600, targeting 66,000-65,400, with a break below 64,000.