Bitcoin's price is currently experiencing a downturn, failing to maintain its rally above $70K, raising questions about the sustainability of the bull market. The daily chart shows that Bitcoin has struggled to surpass the $75K resistance zone and has lost the $65K support. However, the key $60K level is still holding the price. The 200-day moving average, located around $57K, could provide support if the $60K level breaks down. Despite the current downturn, the trend remains bullish while Bitcoin trades above its 200-day moving average.
The 4-hour chart reveals a brief dip below the $60K support level, followed by a quick recovery, a classic fake breakout behavior that could signal a short-term rally toward the $65K level. However, the RSI is below 50%, indicating that selling momentum still prevails, and a drop below $60K is possible.
On-chain analysis shows a high Bitcoin whale ratio, suggesting that large-scale Bitcoin holders are aggressively depositing their coins on exchanges, likely for selling. If this trend continues, Bitcoin's price could drop further due to excess supply. Despite these challenges, the market's overall outlook remains optimistic.