📣Calling all Bitcoin enthusiasts!📣 BTC's price is currently on a downtrend, failing to rally above $70K. But don't panic just yet!🙌 This could be a temporary correction, not necessarily the end of the bull market.🐂

📊Technical Analysis📊

The daily chart shows BTC struggling to rise above the $75K resistance zone. It's even slipped below the $65K support. But hey, the $60K level is still holding!👍 The 200-day moving average is around $57K, which could provide support if $60K breaks down. As long as BTC trades above this average, we're still in bullish territory.🚀

The 4-hour chart reveals a brief dip below $60K a few days ago, but BTC quickly bounced back. Classic fake breakout!🎭 This could signal a rally toward $65K in the short term. But beware, the RSI is still below 50%, so the momentum is with the sellers. A drop below $60K is still possible.😬

🔍On-Chain Analysis🔍

The BTC whale ratio metric, measuring the ratio of large deposits to exchanges, shows higher readings. This suggests that Bitcoin whales are selling their coins aggressively.🐳 The ratio has recently exceeded 0.5, indicating significant selling volumes. If this trend continues, we might see BTC's price drop further due to excess supply.📉

So, keep your eyes peeled, folks! The Bitcoin rollercoaster ride continues!🎢👀