Bitcoin's value has been struggling to maintain its upward momentum, facing hurdles around the $75,000 mark. Despite attempts to push higher, the cryptocurrency has been stuck in a range between $60,000 and $70,000 for some time now. The Relative Strength Index, a tool used to measure momentum, indicates a balance between buyers and sellers, with neither side gaining significant control.

Looking at the daily chart, it appears that Bitcoin might be heading towards a crucial support level around $60,000. If this support fails to hold, there could be a sharp decline towards $52,000. Conversely, a breakthrough above $70,000 could signal a new record high for Bitcoin.

The shorter-term 4-hour chart reveals a turbulent price movement characterized by a descending channel pattern since March. While Bitcoin has recently bounced from the lower boundary of this pattern, it seems to be heading back towards it. The Relative Strength Index on this timeframe suggests a bearish momentum, indicating potential downside pressure.

Examining on-chain data adds another layer of insight into the market dynamics. The exchange whale ratio, which measures the activity of large holders moving their funds to exchanges, has surged in recent weeks. This uptick in whale activity could imply selling pressure from large players, contributing to Bitcoin's struggle to sustain its upward trajectory.

In conclusion, Bitcoin's recent price decline can be attributed to a combination of technical factors and on-chain metrics. As the market awaits the next major move, investors are closely monitoring key support and resistance levels for clues on Bitcoin's future direction.