In recent years, the cryptocurrency market has experienced significant volatility, and the recent pullback reflects the market's high uncertainty and speculative nature. Macroeconomic factors, such as global inflation, changes in interest rate policies, and tightening regulatory environments, have all impacted market sentiment. Investors, faced with expectations of interest rate hikes by the Federal Reserve and tightening market liquidity, tend to avoid risks, leading to a sharp decline in the prices of major currencies like Bitcoin. Technical analysis indicates that many crypto assets are oscillating near support levels and may face further selling pressure. Whether the market can stabilize in the future will depend on the direction of macroeconomic policies and the recovery of market participants' confidence.