Bitcoin is currently stuck within a price range between $78K and the 200-day moving average at $83K, with a breakout likely determining the next market trend. The recent bearish momentum pushed the price below $80K, leading to a sharp rebound fueled by large buy orders. This caused a long liquidation and cooled down the futures market. Bitcoin is now in a descending wedge pattern and may continue to consolidate in the short to mid-term. The mining difficulty for Bitcoin remains in an uptrend despite the market correction, indicating that miners are holding on and the broader uptrend is still intact. Mining difficulty may decrease if the correction extends further and leads to miner capitulation.



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