Despite recent declines in Bitcoin's price, breaking through multiple support levels and dropping below the 200-day moving average, optimism remains in the market. The price has been rejected from the $70K level and is currently hovering around $57K. However, a possible drop towards the $52K level in the coming weeks is anticipated.

On the 4-hour chart, a clearer picture emerges with the price being rejected from the long-term bearish trendline. If the $57K support level is broken, a quick drop towards $52K is likely. A further downtrend with the RSI dropping below 50% is imminent, unless the trendline is broken to the upside.

Analyzing the behavior of BTC miners provides insight into the recent downtrend. The Bitcoin miner reserve metric, measuring the amount BTC miners hold in their wallets, has been dropping rapidly in recent months. This indicates that miners are selling more Bitcoin than they are mining, which could result in a further price decline. However, the market remains optimistic, anticipating potential upturns.