Bitcoin's recent failure to break through the $71,500 barrier has led to a significant drop in its value, with a decline of over 7%. This downward trend is expected to continue, potentially reaching levels seen earlier, displaying a consistent pattern of resistance.

Following the April downturn, the Bitcoin price began to recover within an ascending parallel channel. Despite the bearish pressures, traders remained optimistic as long as the price stayed within the pattern. However, the recent selling pressure has pushed the price below the channel, generating bearish waves in the market.

With the price unable to rise above the key resistance, it is likely that Bitcoin will test the key support at $60,000. The bulls seem uncertain about the next price action.

The daily chart suggests that the price has broken out of the rising channel, but there is also a possibility of a bullish reversal. Similar to the first few days of May, the Bitcoin price may undergo a bullish divergence. However, the bearish trend may continue as the bears have already attempted to push the levels below the local support at $65,000. Moreover, the technical indicators do not currently favor the cryptocurrency.

The RSI has turned bearish after the rejection at $71,500 and continues to move downward. The bulls do not appear to have enough strength to overpower the bears, as suggested by the bull-bear power. Additionally, the buying volume remains restricted, indicating that the selling population is significant. These factors suggest that the Bitcoin price may not display a fake breakdown but may struggle to sustain itself after a brief period.

In summary, bearish clouds are hovering over the Bitcoin price rally, which may bring the levels back to around $60,000 shortly.