The cryptocurrency market has been experiencing a period of volatility, with Bitcoin (BTC) price facing a correction. According to on-chain data, the Bitcoin price may be headed towards the $60,000 mark, as the market grapples with various factors.

Sell-Side Pressure and Whale Activity

Over the past two weeks, on-chain data reveals that whales have offloaded $1.2 billion worth of BTC through brokers. Additionally, Bitcoin ETF outflows have reached $460 million during the same period. This significant sell-side liquidity needs to be absorbed, or else brokers may start depositing Bitcoins to exchanges, leading to further downside.

Lack of Buying Momentum

Julio Moreno, Head of Research at CryptoQuant, has noted that the Bitcoin price has fallen below its short-term support levels, as per the crypto's on-chain realized price. He suggests that the lack of buying momentum from large traders, investors, and US investors, as well as stablecoin liquidity, could contribute to the further decline in BTC price.

Price Action Clusters and Retracements

Crypto analyst Rekt Capital has observed that the Bitcoin price tends to form clusters of price action near the Range High resistance around $71,600. Over time, this leads to a price retracement to the downside, resulting in clusters of price action near the Range Low support area of around $60,600.

Futures Market Liquidations

Analyst Willy Woo has highlighted the significant open interest in the Bitcoin futures market, as indicated by the solid yellow chart. He suggests that a substantial amount of liquidations would be necessary before Bitcoin can resume its bullish journey on the upside.

Miner Selling Pressure

The Bitcoin miners have been selling in huge numbers, especially after the Bitcoin halving event in April, to cover their operational costs. According to CryptoQuant CEO Ki Young Ju, the miners have realized $550 million in profits this year in the Bitcoin price range of $62,000-$70,000.

In conclusion, the on-chain data suggests that the Bitcoin price correction may not be over yet, and a further decline to the $60,000 level is a possibility. The market needs to absorb the significant sell-side liquidity and see a resurgence of buying momentum before a decisive upward trend can be established.