Yesterday, the U.S. April CPI was released, showing a year-over-year increase of 3.8%, slightly higher than the expected 3.7%, marking a new high since May 2023. Energy was the main driver, with gasoline up +28.4% year-over-year. The ripple effects of the U.S.-Iran conflict are still spreading. After the data came out, $BTC briefly dipped below 80K but quickly bounced back to around 80.5K. Meanwhile, Trump made a comment saying, 'The ceasefire agreement is hanging by a thread,' and oil prices show no signs of cooling down in the short term. What’s even more noteworthy is that the Senate confirmed Kevin Warsh as a Federal Reserve governor, paving the way for him to potentially succeed Powell. The sentiment in the rate market has shifted dramatically—people are no longer discussing when rate cuts will happen, but whether there might be a rate hike this year. That’s quite a sharp turn. $BTC is definitely facing short-term pressure: inflation isn’t easing, energy prices aren’t cooling, and rate cuts are out of the question. But the fact that it held above 80K shows there’s capital defending this level. Today’s PPI data is coming out too, so we might see more volatility.