Market Collapse in Progress: After the main market breaks below 70,000, it accelerates into a plunge—has the rounded top been established, with a new low imminent?

After the main market breaks through the 70,000 level, it accelerates downward, with almost no effective rebound forming during the move. The same is true for mainstream coins such as Ethereum and Solana—price action remains weak. Combined with ongoing disturbances in the external environment, market panic and pessimism quickly intensify. Compared with the performance of the U.S. stock market in the same period, the crypto market has clearly moved away from the pattern of “following the decline but not the rise,” which fully demonstrates the current market’s fragility and downturn, let alone confidence.

From the daily chart structure from late March to early April, the main market has initially shown a rounded-top formation. The profits accumulated from the prior rally have basically been fully given back. In the short term, the 63,000–65,000 range should be the key focus, to see whether a base can be gradually built to form effective support. If that range is breached, the main market will most likely move toward this year’s new low.

Personally, I remain bearish on the recent trend of the main market, especially for the mainstream coins in popular sectors. For contract strategies, I would mainly maintain a high short position. In addition, the U.S.–Iran situation still needs to be continuously monitored—until substantial progress is made and the market sees clear hope, the current “talking while fighting” rhythm between the two sides has become business as usual for the market, making it difficult to generate effective upward momentum.

Short-term key levels:

· BTC: support around 65,000
· ETH: support around 1770
· SOL: support around 70; if it breaks, look toward this year’s new low around 67.5
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