Analysis: Multiple data points suggest that Bitcoin's downward trend may not yet be over.

PANews reported on February 4th, citing Cointelegraph, that despite Bitcoin's price rebounding above $76,000, multiple indicators suggest its downtrend may not be over. Technical analysis shows the BTC/USD weekly chart has confirmed a head and shoulders pattern. After breaking below the $82,000 neckline support, its theoretical downside target is around $52,650. Furthermore, a bearish flag pattern has been confirmed on the daily chart, with analysts pointing to the next key liquidity target around $65,500. Analyst BitcoinHabebe believes that given the macroeconomic headwinds, a drop to $60,000 for Bitcoin is "obvious."

On-chain metrics also point to weakness. The Puell Multiple indicator, which tracks miner revenue, has entered the "discount zone" and may remain there, which analysts point out typically signifies a continuation of the bearish trend. Meanwhile, Bitcoin's network hashrate has fallen 12% from its November 2025 high, the largest drop since 2021, suggesting a possible miner capitulation. Furthermore, on-chain data shows a large influx of BTC into the Binance exchange, with a cumulative inflow of 56,000 to 59,000 BTC on February 4th and 5th. This could create actual selling pressure in the spot market, indicating that the market may be entering a panic selling phase.