The nearly $500 decline mostly reflects the liquidation of leveraged positions and widespread profit-taking, rather than a true structural reversal. The acceleration of the decline is related to the marginal effects and weak liquidity of the stock market decline, but the rapid buying from the lows indicates that the big money has not yet left the market.

On the 4-hour frame, the price stalled within a large fair value gap and then rebounded quickly, a behavior that suggests “clearing out” rather than uncontrolled panic selling. The market rarely allows for such a significant bounce in the event of an actual trend breakout.

The 5,300–5,350 range currently represents the new equilibrium area. Stability above this level signals a consolidation move, while 5,100-5,150 constitutes deeper support that will not be broken unless the intermediate structure weakens significantly. Above the market, 5,450-5,500 is a potential profit-taking zone.

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