The market is currently experiencing a significant downturn, with Bitcoin leading the decline. Key support levels are being tested and breached, indicating strong bearish sentiment. While some assets are showing resilience, the overall trend points towards further downside risk. Traders should remain cautious and monitor these support levels closely for potential trend reversals or continuations. The current price action suggests potential for more selling pressure in the short term, but long-term bullish conviction remains if key levels hold.