Bitcoin's  (CRYPTO:BTC) recent price action has sparked fear across the crypto market, with concerns that the bull market may be over.

The price has been making lower highs and lows since dropping below $70,000, breaking key support levels, including the $60,000 mark and the 200-day moving average.

However, the $57,000 support has held, offering a potential reversal point if the price climbs back above the 200-day moving average.

On the 4-hour chart, a break above $57,000 could lead to a short-term rally, though the overall bias remains bearish.

On-chain analysis shows a recent plunge in Bitcoin exchange reserves, suggesting accumulation by investors viewing current prices as a buying opportunity.

If this trend continues, the supply-demand equation could shift, potentially ending the correction and resuming the bull run.