Today, the market sentiment has obviously started to shift back to caution.

BTC is still holding above 80k, but mainstream altcoins like ETH, SOL, and XRP have already retraced, indicating that funds are not fully retreating but are regrouping into more stable main lines.
I think the most important thing today is not how much it has fallen, but that the market structure has changed:
BTC is still holding up, while altcoins have softened first.
Other lines are also worth watching:
Arthur Hayes continues to bullishly forecast BTC, directly calling for 126k;
The Clarity Act, this regulatory mainline, is still repeatedly affecting market expectations;
MARA sold over 20k BTC in the first quarter, also reminding everyone that corporate holdings are not just for hoarding forever.
So my current understanding is very simple:
As long as BTC can hold 80k, it’s more like a strong consolidation;
But if 80k is lost, altcoins are likely to suffer even more.
Short-term cautious, but not yet bad enough to flip into a full bear.