Bitcoin is experiencing a sharp crash pattern overall, starting from the high point around 68,000 early this morning, continuously breaking through key support levels. During the volatile decline, it successively lost the 65,000, 63,000, and 61,000 integer levels, with a low point reaching around 60,500. The maximum intraday drop exceeded 14%. Ethereum's movement shows a very strong correlation with Bitcoin, simultaneously starting a collapse from the high of 2100, breaking below the critical support at 1900 and further dropping toward the 1800 low. Throughout the process, it exhibits a weak follow-through trend, with the market showing high linkage, and its decline once surpassed Bitcoin's in magnitude.

On the daily chart, a downward channel has officially formed and is accelerating in expansion. After breaking through the key psychological level of 70,000, the market has completely shattered the previous consolidation pattern, switching to a one-sided panic-driven decline. Bearish momentum is being released intensively, driving the moving average system into a synchronized resonant downward pattern. Short-term and long-term moving averages are forming a steep downward arrangement. This pattern indicates that the market trend has clearly shifted to a bearish dominance, and this downward trend has strong continuity and destructive power. The four-hour chart continues to show an extremely weak decline, with prices consistently pressured below the lower band of the channel, continuously probing downward, showing no significant rebound, which further reinforces the foundation for the daily bearish trend. Meanwhile, trading volume has significantly increased, with a continuous wave of long positions being liquidated. Within 24 hours, the total liquidation amount across the entire network exceeded $2.6 billion, with over 90% of liquidations being long positions. The current market rhythm indicates that bearish forces are still being released, and the brief minor rebounds are not trend reversal signals but typical weak corrective actions, mainly aimed at accumulating momentum for further declines. Today's early operations should still focus on short positions during rebounds, with caution against the risk of accelerated decline after key support levels are broken.

Specific trading suggestions: Pay attention to the resistance at the 65,800-66,500 and 67,500-68,300 zones. If resistance holds, consider shorting at high points, targeting a downward space of 500-6,500 points.