币界网报道：Yesterday, crude oil quickly erased all of its war gains as the final Iranian retaliation took place. The market reacted immediately as this retaliation was seen as just a show, just like we saw with the Soleimani incident in 2020. The sell-off was very aggressive as detente had been the base case all along and we only needed a catalyst to trade it. Now that this chapter is closed, the focus will shift back to global growth. Before the conflict began, the market was already supported by positive growth expectations. In fact, we have the Fed rate cuts, Trump’s “Giant Bill” and further detente in the trade war, among others. These are all positive drivers on the demand side. In the bigger picture, the market may still fluctuate between $60 and $90, but the path of least resistance should be to the upside. On the daily chart, we can see that when we break below the key 72.00 area, sellers flocked in with the goal of a drop to the 65.00 support area. This is where buyers stepped in and set clear risk just below the support level in order to set up for a rally to the 80.00 level. If the price breaks further below the 65.00 support area, we can expect a deeper correction towards the 55.00 level. On the 1-hour chart, we can see that the bearish momentum is weakening near the support area. This is where we can expect sellers to close their positions and buyers to step in. We may end up consolidating around these levels for a while after the recent volatility, but this area will most likely be crucial for the market.