#Gate广场四月发帖挑战 As of April 12th, the cryptocurrency market has experienced a short-term sharp decline due to the sudden change in Middle East tensions, with fierce battles between bulls and bears.

Market Overview

Affected by the breakdown of US-Iran negotiations and geopolitical risks, the market has retraced across the board. Over $300 million in liquidations occurred within 24 hours, affecting more than 100k traders. Bitcoin briefly plummeted to around $71k, and mainstream coins generally declined.

Performance of Mainstream Coins

Bitcoin (BTC): Quoted approximately $70.7k–$71.5k, breaking below the $72k support. $73k is a strong resistance level, with support levels at $70k and $68k below.

Ethereum (ETH): Quoted around $2,200–$2,310, experiencing oscillation and retracement. As long as the $2,150–$2,200 support zone holds, the structure remains intact, with resistance at $2,380.

Other major coins: SOL, XRP, DOGE followed the market down by about 2%–4%.

Key Influencing Factors

Geopolitical Conflict: Tensions between the US and Iran, with Trump announcing a blockade of the Strait of Hormuz, triggering risk-off selling.

Macro and Regulatory Factors: US CPI data met expectations, providing support; market attention is on the progress of the CLARITY Act and ETF capital flows (recent signs of inflow).

Market Sentiment: The fear and greed index is in the "extreme fear" zone (around 17), with most funding rates negative.

Market Outlook

Short-term trends depend on geopolitical developments; if tensions worsen, prices could dip to $68k. If tensions ease, BTC stabilizing above $72k could retest the $73k resistance, and breaking through $75k may trigger a new upward rally.