Bitcoin's price is once again testing the $60,000 support level, marking the fourth time in recent weeks. A recent sell-off has led to a drop in demand for spot BTC ETFs, with some issuers reporting zero transactions. This has fueled speculation of a potential market correction in the near future. As Bitcoin prices hover around $60,000, investors are wary of the possibility of further drops.

The area between $59,200 and $61,000 has been a strong support zone for Bitcoin over the past seven weeks, with the OBV indicator showing bullish sentiment. However, a recent sharp decline has pushed the OBV below this critical level, indicating a potential further drop in Bitcoin's price. The RSI indicator also suggests a downward momentum, with support levels at $55,500 and $50,500 looming below the $60,000 mark.

Investors are bracing themselves for a possible larger loss if Bitcoin prices continue to fall below $60,000 throughout the week. The total liquidation levels delta shows a negative outlook, with short liquidation levels far exceeding long positions. A $342 million liquidation zone at the $59,400 level suggests a move towards $59,000 to clear these long positions before a potential push towards new highs.

Despite the intense selling pressure and uncertainty in the market, Bitcoin continues to trade at around $63,500, indicating a slight increase since the weekend decline. An impending bounce from the $59,400 level may not be guaranteed given the current market conditions. Traders and investors remain vigilant as Bitcoin faces volatility and critical support levels ahead.