The cryptocurrency market experienced a significant plunge in the afternoon, with Bitcoin and Ethereum both seeing a sharp decline. The previous rebound gains have been nearly fully retraced, and the bearish trend is evident, leading to a rapid increase in market panic sentiment, with short-term trends remaining weak.

Bitcoin's intraday performance continued to weaken, oscillating weakly in the 66000-65000 range in the morning, with bulls showing no strength for a counterattack. In the afternoon, the bears pressed down hard, causing the price to drop sharply, reaching a low near 63000, with a significant short-term drop. Ethereum also weakened, having retraced to around 1930 last night after a prolonged horizontal trend; in the afternoon, it followed the major trend's decline, hitting a low near 1840, almost wiping out all rebound space from the past two days, putting collective pressure on mainstream cryptocurrencies.

Macroeconomic bearish factors continue to ferment, becoming the core driver of this drop. The U.S. stock market has fallen for two consecutive days, with risk assets being hit across the board, and the cryptocurrency market, as a high-risk category, fell in unison. Today, the U.S.-Iran situation suddenly escalated during lunchtime, increasing geopolitical conflicts that heightened global risk-averse sentiment. Coupled with concentrated institutional selling, under the resonance of dual bearish factors, market selling pressure dramatically intensified, leading Bitcoin and Ethereum to a swift decline.

From a technical perspective, both Bitcoin and Ethereum are approaching the lower Bollinger Band on the daily chart, with MACD bearish momentum continuing to release, establishing a mid-term weak pattern. On the four-hour chart, bearish momentum is increasing and the downtrend is clear; however, the hourly RSI indicator has entered the oversold area, indicating a short-term demand for a technical rebound after the overselling, but it is difficult to reverse the overall bearish situation.

Key points to focus on this evening: short-term resistance for Bitcoin is at the four-hour middle track at 66000, which is a pressure point for the rebound; short-term support below is at 63500, and if it fails to hold, it will further test downwards to 62000. For Ethereum, short-term resistance is concentrated in the 1900-1930 range above, and support is seen in the 1800-1830 range below; falling below this will extend the downtrend.

Overall, the current bearish pattern in the cryptocurrency market remains unchanged. This evening, attention should be paid to the strength of the oversold rebound; in a weak environment, the rebound space is likely to be limited, and there is a risk of further pressure leading to a decline after the rebound. It is essential to remain cautious in operations, strictly control positions, and avoid blind bottom-fishing, using key point gains and losses as an operational reference to guard against the risk of severe market fluctuations.

This article is exclusively provided by Jane Crypto (real-time follow can be done via public account: Jane Crypto), representing only personal views. Due to the article's push timing, the above views or suggestions are not real-time and are for reference only. For more real-time guidance, please contact me!

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