Four-hour cycle surged then pulled back; the short-term is under pressure and trending downward. Key resistance overhead lies at 64,974 and the prior high at 65,589. After this round of gains reached the peak, sell pressure was concentrated and released. In terms of indicators, the MACD red histogram turns green, short-side strength has released slightly, and the KDJ falls into the low-position oversold zone. Short-term downside momentum is gradually weakening. Funds saw a slight outflow; this is a normal pullback after a rise, and the mid-term uptrend structure has not been broken.