Analysis: Multiple Indicators Suggest Bitcoin's Downtrend May Not Be Over

ChainCatcher news, according to Cointelegraph, although the price of bitcoin has rebounded above $76,000, multiple data points indicate that its downward trend may not be over yet.

Technical analysis shows that the BTC/USD weekly chart has confirmed the formation of a head and shoulders pattern. After breaking below the neckline support at $82,000, its theoretical downside target points to around $52,650. In addition, a bearish flag pattern has also been confirmed on the daily chart, with analysts noting that the next key liquidity target is near $65,500. Analyst BitcoinHabebe believes that under macro headwinds, a drop of bitcoin towards $60,000 is "obvious." On-chain indicators also point to weakness. The Puell Multiple, which tracks miner revenue, has entered the "discount zone" and may remain there, with analysts noting that this usually signals a continuation of the bearish trend.

Meanwhile, bitcoin's total network hashrate has dropped 12% from its peak in November 2025, marking the largest decline since 2021, suggesting possible miner capitulation. In addition, on-chain data shows a large amount of BTC continuously flowing into a certain exchange, with a cumulative inflow of 56,000 to 59,000 BTC on February 4 and 5, which may create actual selling pressure in the spot market, indicating that the market may be entering a panic selling phase.