Market Collapse in Progress: After the broader market breaks below 70,000, it accelerates into a steep drop—has the rounded top been confirmed, and is a new low imminent?

After the broader market breaks the 70,000 level, it accelerates downward; during this period, almost no effective rebound is formed. The same is true for mainstream coins such as Ethereum and Solana, with weak price action overall. Combined with ongoing disruptions from the external environment, market panic and pessimism intensify quickly. Compared with the U.S. stock market over the same period, the crypto market has clearly broken away from the “follow the decline but not the rise” pattern—this fully demonstrates the market’s current fragility and slump, let alone confidence.

Judging by the daily chart structure from the end of March to the beginning of April, the broader market has already initially moved out of the rounded-top formation. The profits accumulated from the prior rally have basically been fully given back. In the short term, the key focus should be on the 63,000-65,000 range—whether it can gradually build a base and form effective support. If this range is lost, the broader market will most likely move toward this year’s new low.

Personally, I remain bearish on the recent broader market trend, especially for mainstream coins in popular sectors. For contract strategies, I will mainly maintain short positions. In addition, the U.S.-Iran situation still needs to be monitored continuously—until there is no substantial progress and the market sees clear hope, the “talk while fighting” rhythm between both sides has become commonplace for the market, making it difficult to form an effective uplift.

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 near 67.5.
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