Recently, the crypto assets market has experienced a significant pullback, showing a falling trend from the hourly chart to the daily chart level. The spot price has filled the previous gap around 112000, while the futures price lightly touched 111900, close to the high point on May 22.

From a technical analysis perspective, if we consider the range from 93000 to 123000 as a complete upward structure, the current pullback has broken through the 0.236 Fibonacci retracement level of 116000 and found support near the 0.382 retracement level of 111700. This provides us with an important observation point.

If the market can stabilize and rebound at this level, and does not fall further to 108100 or even lower to 104600, then we can consider that the current adjustment is still within a controllable range, and the market is still expected to continue the previous upward trend. However, if the price falls below 104600, investors need to be cautious of a potentially larger adjustment.

It is worth noting that even if there is a further pullback, as long as the price does not fall below the key support level of 98000, the upward trend of the market remains valid from a larger time frame perspective. This reminds us that when analyzing market trends, it is necessary to consider both short-term fluctuations and long-term trends.

Overall, the current market is at a critical technical position. Investors should closely monitor the price performance at key support levels while also looking at the longer-term market trends to make more comprehensive and rational investment decisions.