According to market trend analysis, the pullback of Bitcoin starting from $109,000 is developing as expected. Currently, the market situation indicates that the coin price is likely to enter a consolidation period near $90,000, followed by the formation of a C-wave downward pattern, testing the support level of $63,000.

In terms of Ethereum, it is expected to consolidate in the range of $63,000 to $77,000 for about two to three months, before entering the second phase of the bull market with upward momentum.

The current downtrend is mainly driven by two factors: first, technical factors and the demand for market liquidity release; second, the potential risk of "black swan" events, including possible geopolitical conflicts, adjustments in tax policies, and the lagging impact of tariff policy changes on macroeconomic data.