Bitcoin is experiencing a bearish retracement as sellers dominate the market and aim to drive the price lower. The rejection from the 100-day and 200-day moving averages has signaled a bearish decline, and the price action suggests that sellers are firmly in control. Bitcoin is currently in a key support zone defined by Fibonacci retracement levels, which could provide temporary relief and lead to sideways consolidation. On the 4-hour chart, there has been a clear bearish rejection at the $64K resistance level, indicating intense selling activity. If sellers push the price below the support zone, the next target is the $50K support level, while finding support at this level could result in a bullish rebound towards the $60K resistance. Futures market metrics, such as the Taker Buy/Sell Ratio, indicate a surge in market sell orders and growing bearish expectations among traders.



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