Bitcoin's price has been stagnant for the past couple of months, consolidating within a large descending channel on the daily chart. The midline of the channel recently rejected the price, pushing it back down to the $60K level. If this level breaks, the channel may also collapse, leading to a significant drop towards the $52K support zone.

The 4-hour chart reveals a clearer picture. The price tested the channel's midline but was rejected decisively. Today's aggressive price drop and RSI values below 50% indicate that sellers have the upper hand. If the $60K level breaks, things could take a turn for the worse.

Bitcoin's struggle to continue its uptrend and reach new heights has emboldened bears, who are now driving the price down. The exchange reserve metric, which measures the amount of Bitcoin held on exchanges, has been rising and surpassed its 30-day moving average. This increase in supply from the spot market has contributed to the recent correction.

As the consolidation period nears its end, a significant move seems imminent. Will Bitcoin break out or break down? The next price move will be crucial in determining the future trajectory of the cryptocurrency.