Bitcoin has recently entered a critical phase after a notable decline, testing essential support levels that followed a break from a multi-week rising channel. The current short-term momentum appears weak, leading many to express concern about potential further price drops. Traders and investors are closely monitoring on-chain metrics to gauge whether this correction will have lasting repercussions. The market sentiment remains cautious amidst existing uncertainties, leaving many speculators wondering when buyers will return and indicate a reversal. Currently, the technical analysis indicates that Bitcoin could experience more downside if it fails to reclaim crucial resistance soon.