Last night's market movement appears to be mainly driven by large capital influxes, combined with a volume surge after multiple dips of the mainstream coins. However, as it reached the 92k to 95k range, it encountered intense selling pressure, leading to a rapid pullback. Interestingly, from a data perspective, the spot market remained relatively resilient, with this wave primarily driven by profit-taking and short-term stop-losses on the futures side. Currently, it is consolidating around 90.6k.

From a bullish perspective, 90.6k and 89.4k are two critical support levels. Honestly, if the bulls had managed to hold steady above 90.6k a few days ago, there would still be a chance for a rally. Unfortunately, sustained pressure prevented it from staying above 90k, causing the support below 90k to be repeatedly tested. Once the final support at 89.4k breaks, a smooth downward move could follow. The performance of Bitcoin and Ethereum remains worth monitoring.