Bitcoin's price has been under pressure in recent days, with its value dropping from a high of near $82,500 in mid-May to around $75,650. This decline is consistent with a classic sell-off pattern known as the Shooting Star, which often signals strong selling pressure.
The on-chain data also suggests that short-term holders remain unprofitable, indicating weak momentum behind the recent bounce. This could be a sign that the cryptocurrency's price is not supported by strong fundamental factors.