The crypto market is under double pressure from both technical and macro perspectives. The loss of the $90K range by BTC and the total market capitalization falling below $3T triggered a long squeeze, evidenced by $529M liquidated in just 12 hours (91% Long) – indicating that the previous FOMO sentiment was excessive.

From a macro perspective, expectations for monetary policy are being re-evaluated. The probability of Kevin Warsh – who has a more hawkish view on inflation – replacing Powell has made the market worry that the Fed will maintain a 'higher for longer' stance, which is unfavorable for risk assets.

Additionally, tonight’s Nonfarm Payrolls data, if in line with forecasts (weak employment, 4.5% unemployment), will confirm that the US economy is cooling down, but in the short term may cause strong volatility as the market needs time to determine whether this is 'good for the Fed to ease' or 'bad due to weakened growth'.

Conclusion: The short-term trend remains a correction – deleveraging. Only when BTC holds the key support level and macro data becomes clearer will the flow of funds return to altcoins. Currently, the priority is on risk management rather than bottom fishing.