The price is currently at a very critical level. For it to continue rising, the $79,000 area must hold. This is the same area where the price rebounded on May 8 a few days ago. When the price fell below this level, it previously acted as strong resistance, and the price attempted to break through it four times.

Several 4-hour closes near this area are acceptable, but if the daily close falls below $79,000, that would be a problem. It could first pull back to $74,000, and if the selloff expands further, it may drop again to $70,000. That said, the ideal scenario is for the price to push once more into the $83,000–$85,000 range, which is the key decision point. The 0.618 retracement has not yet been fully tested, and the largest short positions are expected in that area, accompanied by heavy sell pressure.

The selloff over the past two days was mainly driven by macro factors. CPI and PPI data came in above expectations, reigniting inflation concerns again (primarily due to the U.S.-Iran war). And with a new Federal Reserve chair in place now, the situation may remain the same, and the interest-rate policy could become even more tightening.