This week, the crypto market has been in a state of fierce tug-of-war between bulls and bears, facing triple pressure from escalating geopolitical conflicts, macroeconomic data expectations (PPI/CPI), and tightening on-chain liquidity. At the beginning of the week, Bitcoin reached a temporary high of $107,000 but soon faced shocks from heightened expectations of Trump’s tariff policies and tensions in the Middle East, coupled with the technical breakout of a double top pattern, leading to a continuous price correction. Ethereum's performance showed a "following the fall but not the rise" characteristic, plummeting to $2,200, marking a new low since May of last year, with an intraday decline of over 7%. In addition to the macro Unfavourable Information factors, data on its ecological chain indicates that DeFi protocol locked value (TVL) shrank by 12% this week, while the transaction activity on Layer 2 networks dropped by 18%, further amplifying the selling pressure due to liquidity depletion. Notably, during this decline, the stablecoin market experienced abnormal fluctuations, with the USDT premium rate soaring to 0.8%, reflecting the market's demand for fiat currency liquidity. Currently, market volatility has significantly increased, especially in a fundamentally driven market, making technical analysis difficult to accurately grasp. Such market movements driven by news or economic data are often filled with uncertainty, highlighting the importance of risk control.

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After experiencing a strong downward trend, the current market shows signs of stabilizing. Against the backdrop of a significantly expanded volatility base, the potential for a rebound has also increased. Prices are operating in a low region and have initially entered a slow rebound and correction phase, showing signs of bottoming out and rising. Overall, the previous short positions have retraced significantly, and the structure exhibits characteristics of repeated switching. Observing the formation, the market is at a critical point of rebound and reversal. It is important to understand market rules; the momentum of large-scale retracement has basically been released in the short term after significant declines. The subsequent trend is inclined to initiate a round of rebound correction.