News: The cryptocurrency market experienced a significant downturn today, with Bitcoin dropping sharply from $7,900 to $6,600, marking a 12.6% decline and bringing the total market valuation down to $253 billion. This broad sell-off, impacting major altcoins as well, is exacerbated by technical bearish signals like the 'death cross' and concerns about exchange-specific volatility and potential manipulation on platforms like OKEx. Despite the bearish sentiment, some technical indicators suggest Bitcoin might be nearing a bottom, hinting at a potential short-term bounce. Meanwhile, large-scale ICOs like Telegram's continue to attract substantial capital, indicating ongoing interest in blockchain technology despite market headwinds.

Market Probabilities: 
Bull 30% | Base 40% | Bear 30%

Recommendations: 
Short-term: HOLD
Long-term: HOLD
{"sentiment": "neutral", "price_direction": "sideways", "impact_strength": "medium", "timeframe": "medium_term", "confidence": 0.5, "key_reason": "The sharp, broad-based decline across major cryptocurrencies indicates significant selling pressure "}