Bitcoin has stabilized around $64,000 after its sharp decline, but conditions for a new bull run have not yet come together. Technical indicators show a negative trend, with lower highs and lower lows since the $120,000 peak, while the 200-day moving average sits around $72,000. On-chain metrics including the Thermocap Multiple, NVM Ratio, and PnL Index remain bearish according to CryptoQuant. The daily RSI at 49.6 indicates neutral territory without sufficient bullish momentum. To confirm a reversal, Bitcoin must first sustainably break through the resistance cluster between $66,000 and $67,000.
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