The cryptocurrency market's pullback is driven by macro tightening (Federal Reserve policy), regulatory risks, and profit-taking pressure. In the short term, it may test key support levels (such as BTC at $50,000). In the long term, this pullback is a healthy adjustment for a bull market; if institutional capital (ETF inflows) and the halving effect do not reverse, the trend will remain unchanged. However, if it breaks support or if regulation escalates, one should be cautious of a bull-bear transition. It is recommended to gradually accumulate positions and strictly control leverage.