Tonight, the overall cryptocurrency market follows the US stock market sentiment and weakens, showing clear signs of a short-term pullback.

Bitcoin, after spiking to a high point yesterday, retreated to around 77,000 today, fluctuating sideways, with a slight decline during the day, typical of a high-level sentiment realization. Ethereum also weakened simultaneously, with a larger decline, and market risk appetite has significantly cooled.

From the driving factors, this round of rally is essentially driven by capital inflows, with ETF continuous net inflows, institutional accumulation, and short covering pushing the price close to the 80,000 mark in the short term.
But the problem is that macro uncertainties (Middle East situation fluctuations) are beginning to disturb the market, causing capital to diverge at high levels, and the trend has shifted from a single direction to consolidation.

Another key point is that the current rally relies more on expectations rather than substantial breakthroughs.
Once sentiment loosens, prices are prone to rapid pullbacks.

Looking at the market structure, Bitcoin's short-term resistance still remains in the 78,000–80,000 range, with support below around 75,000. If broken, the correction space will further open up.