The market is in a clear downtrend channel, with an accelerating sell-off. It has rapidly fallen from around $80,666 at the peak to near $79,300, and the short-term decline is significant. After repeatedly testing the $80,000 level in recent sessions, it has pulled back. The current correction is mainly driven by macroeconomic data, triggering the liquidation of leveraged positions and short-term profit-taking that weakens short-term support. With a negative basis and accelerated downside, there is a possibility of an oversold rebound; however, if the price cannot quickly reclaim $79,800, it may continue to probe the $78k support. Watch the trading volume and whether there is a volume spike with a sell-off-stopping candlestick. Support levels: short term: the $79,000–$78,000 area. Stronger support: $76,800–$78,000.