Bitcoin has pulled back from the $66K resistance and dropped below the 200-day moving average. This suggests that the bears are gaining strength. 📉

If the price fails to hold the $60K support, the possibility of a mid-term drop to the $52K-$55K range increases. Bitcoin, currently trading around $61K, is in a critical zone.

The Coinbase Premium Index shows that US institutional investors are under selling pressure. This supports the bear market sentiment in the short term.