Bitcoin has seen a sharp decline, with 4 consecutive red monthly candles, indicating significant bearish pressure. The 200-week moving average is around $58,500, representing a key support level. Previous rallies have failed to break significant resistance levels, suggesting continued weakness. ETH is also showing extreme oversold conditions on a daily RSI, indicating potential for a bounce but overall market sentiment remains bearish. China's potential move to back the Yuan with Gold and the US possibly backing the Dollar with Bitcoin are discussed as geopolitical shifts that could impact markets.