In the wake of Bitcoin's recent price drop, concerns are rife that the bull market may be ending. However, the crypto market is known for its volatility and a recovery is still possible. On the daily timeframe, Bitcoin's price has been making lower highs and lows since falling below $70K, indicating a bearish trend. Last week, the market broke below the crucial $60K level and the 200-day moving average, which is around the $58K mark. However, the $57K support level has managed to hold the price, preventing further decline.

On the 4-hour timeframe, the market has created a bearish trendline that remains intact. Yet, a recent rebound from $54K has led to the $57K level currently being tested. If the price breaks through $57K, a rally toward the bearish trendline could be expected in the short term. However, the overall bias remains bearish as long as BTC is trading below this trendline.

Despite Bitcoin's recent price downtrend, not all investors have lost hope. The Bitcoin exchange reserve metric, which measures the amount of BTC held in exchange wallets, has seen a rapid plunge in recent days. This indicates that some investors view this price as a buying opportunity and are purchasing and withdrawing coins from exchanges. If this trend continues, the supply and demand equation could shift in favor of a bullish move, potentially ending the correction soon.