Bitcoin's (CRYPTO:BTC) recent price decline has raised concerns among investors following the breach of key support levels, including the critical $60,000 mark and the 200-day moving average at $58,000.

However, despite these setbacks, BTC has managed to stabilise around the $57,000 level, showing signs of potential consolidation or even a short-term recovery.

Technical indicators suggest that the recent downward trend might be nearing its end, with the possibility of a bullish rebound if BTC can reclaim the $57,000 support convincingly.

On-chain analysis reveals a significant drawdown in Bitcoin's hashrate, indicating miner capitulation akin to previous market bottoms, potentially signaling an upcoming turnaround.

As the market remains uncertain, both cautious sentiment and opportunistic accumulation strategies prevail among Bitcoin enthusiasts, awaiting further market developments to determine the next major trend.