I still firmly stick to the judgment I've held over the past few months: Wave 4 is a dead cat bounce within the bear trend, not a reversal. Wave 5 might be delayed, but it won't be absent. For the first time in nearly 3 months, the funding rate has flipped from negative to positive: shorts have basically exited, longs are now paying to hold positions, and the 'short squeeze fuel' for the rally is exhausted! My take is straightforward: 82k-85k is the absolute peak of this rebound. Yes, the daily chart shows a breakout with volume, but the 4-hour overbought condition + volume-price divergence indicates a short-term pullback is needed. The big picture remains unchanged—Wave 4's rebound is nearing its end.