Analysis: Multiple indicators show that the downward trend of Bitcoin may not be over yet

According to Cointelegraph, despite Bitcoin's price rebounding above $76,000, multiple indicators suggest that its downward trend may not be over yet.

Technical analysis shows that the BTC/USD weekly chart has confirmed the formation of a head and shoulders pattern. After breaking below the $82,000 neckline support, its theoretical downside target points to around $52,650. Additionally, a bearish flag pattern has also been confirmed on the daily chart, with analysts noting that the next key liquidity target is around $65,500.

Analyst BitcoinHabebe believes that, under macro headwinds, a drop to $60,000 for Bitcoin is "obvious." On-chain indicators also point to weakness. The Puell Multiple, which tracks miner income, has entered the "discount zone" and may remain there, with analysts noting that this typically indicates a continuation of the bearish trend.

At the same time, Bitcoin's total network hash rate has dropped 12% from its peak in November 2025, marking the largest decline since 2021, suggesting a potential miner capitulation. Furthermore, on-chain data shows a significant inflow of BTC into Binance, with a cumulative inflow of 56,000 to 59,000 BTC on February 4 and 5, which may create actual selling pressure in the spot market, indicating that the market may be entering a panic selling phase.