Assessing the Daily Chart displays a notable descending channel pattern formation since March that has now been breached, pushing Bitcoin to a rapid decline towards the $52K support threshold. The 200-day moving average gravitates around the $50K area, marking a crucial level that Bitcoin may test in the event of a more severe downturn. Any further drop beneath these markers could escalate the selling pressure significantly.

Analyzing the 4-hour Chart unveils a recent rejection from the midpoint of the channel, leading to a series of lower highs and lows, signaling a bearish sentiment. Despite this negative outlook, the Relative Strength Index has dipped into the oversold territory, suggesting a potential brief price rebound with a pullback towards $60K foreseen before a potential continuation downwards to $52K.

In an On-Chain examination by TradingRage, the Bitcoin Exchange Whale Ratio has emerged as a significant indicator following the crypto's retracement from the $75K level. This ratio, with a 30-day exponential moving average, reflects the volume of whale-associated deposits on exchanges relative to total deposits. Recent data portrays a notable surge in this metric, signifying a swift influx of whale deposits for potential selling activities, contributing to the recent market correction. A reversal in this ratio may indicate a halt to the correction, implying a possible turnaround in market sentiment.