In recent days, Bitcoin price has fallen rapidly, failing to hold above the $70K level. The market is currently approaching a critical level. 📉

On the daily timeframe, BTC price is trending downward after rejection from the $72K region since early June. The price is approaching the critical $60K support level. Since the 200-day moving average is around $58K, a decline below $60K could lead to a retest of the moving average.

On the 4-hour chart, the major falling wedge pattern has finally broken downwards and the price is aggressively approaching the $60K support zone. The Relative Strength Index has also fallen rapidly and currently shows values ​​below 30%. Therefore, BTC is currently oversold on the 4-hour time frame and a short-term recovery or consolidation around the $60K level is likely. 📊

However, if the market declines further, the next potential target would be the $58K support zone.

Even though Bitcoin's price has fallen recently, many market participants see their unrealized profits shrinking. Meanwhile, some owners realized their profits and exited the market.

It is only when the market falls below $60K that short-term holders are about to realize their losses. However, this also happens at bull market lows. So, assuming the bull market isn't over yet, the low may be just around the corner.