#加密市场观察 The current market is dominated by macro negative factors such as US and European tariff disputes and geopolitical tensions. The hedging effect of the Federal Reserve's liquidity injections has been diluted. As the upcoming FOMC meeting approaches, market caution has intensified, with funds flowing into traditional safe-haven assets, putting significant pressure on the crypto market. Liquidity remains tight, with a slowdown in spot ETF inflows for BTC and ETH, and no additional funds providing support. In the afternoon, a breakdown occurred along with long position liquidations, triggering a chain reaction of declines. The crypto market's correlation with traditional risk assets has intensified, and endogenous support is lacking. In the short term, market movements are mainly driven by macro sentiment and BTC correlation rhythm. The long-term industry fundamentals remain unchanged, but it is currently difficult to offset downward pressure. Tonight, close attention should be paid to support levels at BTC 90000-90636 and ETH 3050-3083. If these levels are broken with increased volume, BTC may test 89000-88000, and ETH could test the 3000 level. Resistance to a rebound is at BTC 91500-92000 and ETH 3100-3120. Without sufficient volume, rebounds are likely to fall back. The overall weak pattern is hard to reverse. Investors should strictly control positions, adopt a wait-and-see approach, avoid blindly bottom-fishing, and be cautious of secondary declines after support levels are broken.