Bitcoin continues to face selling pressure, currently trading around $66,443 and struggling to regain the $70,000 level. Key on-chain indicators, including the Pi cycle top and the spent output profit ratio (SOPR) below 1, suggest that the market remains in a bearish phase, with many investors selling at a loss. Technical analysis shows Bitcoin is confined below a descending resistance line, and the Money Flow Index (MFI) also indicates ongoing capital outflows. Breaking below $65,000 could test the support level at $62,893.
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Bitcoin continues to face selling pressure, currently trading around $66,443 and struggling to regain the $70,000 level. Key on-chain indicators, including the Pi cycle top and the spent output profit ratio (SOPR) below 1, suggest that the market remains in a bearish phase, with many investors selling at a loss. Technical analysis shows Bitcoin is confined below a descending resistance line, and the Money Flow Index (MFI) also indicates ongoing capital outflows. Breaking below $65,000 could test the support level at $62,893.