Bitcoin's price has been on a downward trend since early June, approaching the crucial $60K support level after failing to maintain above the $70K mark. The 200-day moving average is around $58K, and a break below $60K could trigger a retest of this average. The market's mid-term outlook depends on the price's response to these support levels.

On the 4-hour chart, Bitcoin is currently oversold, with the Relative Strength Index showing values below 30%. A short-term rebound or consolidation at the $60K level is likely. However, if the market dips further, the $58K support zone could be the next target.

Despite the recent price decrease, many market participants remain optimistic. The Bitcoin Short-Term Holder SOPR, which shows the profit and loss ratio, is also trending down. Short-term holders are nearing the point of realizing losses if the market falls below $60K. However, this scenario often occurs at the lows during a bull market, suggesting that the bottom could be near if the bull market continues.