From the 1-hour timeframe, the price has significantly declined after reaching the phase high of 72015.4, currently breaking below the Bollinger Band upper rail and facing pressure near the middle rail (71186.3). Although MA7 (71042.0) and MA30 (70886.2) still maintain a bullish alignment, the short-term K-line has repeatedly surged and retreated with dense upper shadows, indicating heavy selling pressure overhead and significantly weakened upward momentum.

Combined with the Bollinger Band pattern, as price declines from the upper rail toward the middle rail, rebound strength continues to weaken without breaking the previous high, showing signs of forming a short-term top. Current price is repeatedly contested near the middle rail. If the middle rail and MA7 support are effectively broken below in the near term, it will open further downside space, with the Bollinger Band lower rail at 70607.7 as the first target below, and if breached, the previous low around 68916.4 can be targeted.

Overall, short-term bullish momentum is insufficient with selling pressure emerging at higher levels. Bearish bias is dominant, with focus on monitoring the breakdown of middle rail support.

**Trading Suggestion: Short at 71800-72300, targeting 69800-70300.**