Recently, the cryptocurrency market has experienced a significant adjustment. Bitcoin and Ethereum, as market leaders, were not spared from this downward trend. However, in comparison, many small cryptocurrencies (commonly known as "altcoins") suffered even more severe impacts.

Several well-known altcoins have experienced double-digit falls. Major tokens such as DOGE, XLM, HBAR, and PEPE have declined by over 10%, while APT has dropped even more by 16%. Other popular projects like SOL, ADA, SUI, LINK, and AVAX have also not escaped this round of adjustment. Notably, BNB has fallen over 40 dollars from its recent peak. The total valuation of the entire encryption asset market has shrunk by more than 100 billion dollars from its peak period, currently dropping to about 3.9 trillion dollars.

The Bitcoin market has shown a certain degree of resilience. After experiencing three dips, although it has not been able to break through the previous high, it is still hovering near key support levels. Currently, the Bitcoin price is fluctuating in the range of $117,000 to $120,000. Technical analysis indicates that as long as it can hold the support level of $117,000, there is still a possibility to break upward to $120,500, and then test the resistance level of $123,000.

Ethereum is also under pressure, with three consecutive bearish candles precisely retracing to the moving average line MA10, just touching the important support level of $3,500. This level serves as a dual support in both technical and psychological terms. If it can hold, there is hope for a rebound to the $3,800 area.

Market observers have noted that the recent fluctuations in cryptocurrency seem to have some correlation with the trading hours of the U.S. stock market. Typically, around 6-8 AM after the U.S. stock market closes, the cryptocurrency market tends to hit its daily low; while around 11 PM to midnight before the U.S. stock market opens, the daily high is often observed. This pattern provides investors with a potential reference for trading times.

Despite the market's weak performance in the short term, many analysts believe this could be part of a healthy adjustment. They advise investors to stay calm, focus on long-term trends, and carefully assess the fundamentals of each project. In this market environment, risk management and patience become key factors.