According to online reports, Glassnode said in its latest report that the announcement of additional tariffs by the United States has had a significant impact on major financial markets, with many markets setting the worst trading records since March 2020. Capital inflows into mainstream digital assets have stalled, resulting in a significant contraction in liquidity and strong headwinds. However, it is worth noting that the selling scale of Bitcoin and Ethereum is decreasing every time the price drops, which may indicate that short-term selling pressure is approaching exhaustion. This round of digital asset collapse has shown a general decline pattern. The total market value of altcoins has shrunk from US$1 trillion in December 2024 to the current US$583 billion. A resonance analysis of on-chain data and technical models shows that $93,000 is a key psychological barrier-Bitcoin must recover that level to rebuild its upward momentum. In the downward direction, the US$65,000 to US$71,000 range remains an important line of defense that bulls must adhere to.