Bitcoin Faces Further Decline After Failing to Hold $60K: Be Smarter Than 95% of The Market

Bitcoin’s price is on shaky ground after failing to maintain the critical $60,000 level, sparking concerns of a prolonged downturn. Currently trading at $57,862, Bitcoin has dropped 6.85% in the past week, with indicators suggesting the potential for further losses.

Key Signals Point to a Bearish Outlook

Two critical metrics point to further downside for Bitcoin:

1. Puell Multiple: This on-chain indicator, which tracks miner profitability, has risen from 0.65 to 0.77, signaling a potential local top and increasing the likelihood of a continued price drop.

2. In/Out of Money Around Price (IOMAP): Data from IntoTheBlock shows that more Bitcoin was purchased between $58,073 and $66,773 than at lower levels, indicating strong resistance ahead. Without increased buying pressure, Bitcoin could slide to around $54,520.

Technical Analysis: Bearish Pattern Emerges

Bitcoin’s 4-hour chart reveals a descending triangle pattern, typically signaling a continuation of a downtrend. A further drop of 7% could see Bitcoin hitting $54,677. However, if buying pressure increases, Bitcoin could attempt to reclaim the $60,000 mark.

For now, the outlook remains cautious as the market watches for signs of a potential recovery.

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