📉 **Bitcoin Price Rally Hits Pause Button: Market on Hold**

🚫 After months of upward momentum, Bitcoin's price rally has hit a snag, with the market currently in a consolidation phase.

🔄 Technical analysis suggests that Bitcoin is consolidating within a descending channel on the daily chart, with recent rejection from the midline pushing the price towards the crucial $60K level.

💥 If $60K support fails to hold, there's a significant risk of a breakdown, potentially leading to a drop towards the $52K support zone.

📉 The 4-hour chart paints a bleak picture, with the price decisively rejected at the midline and showing aggressive downward movement. The Relative Strength Index (RSI) signals momentum favoring sellers.

📉 On-chain analysis reveals that as Bitcoin struggles to maintain its upward trajectory, bears are gearing up for further declines. The rising exchange reserve metric indicates increased coin deposits on exchanges, typically seen as a bearish sign.

💡 **What It Means**: With the market teetering on the edge, investors should closely monitor the $60K support level. A break below could signal further downside potential.

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