The recent downward movement in Bitcoin's price has brought back bearish sentiment as it tests key support levels. Despite a strong performance in the previous month with a 20% increase and reaching an all-time high near $74,000, the cryptocurrency experienced an 18% pullback before recovering. The recent bearish trend has raised concerns among market participants about a potential prolonged downturn.

The daily chart indicates that Bitcoin's price is currently within a parabolic curve, nearing the lower support level which could trigger a significant upward movement. The market sentiment has turned bearish following the recent pullback, signaling rising fear among traders. Despite this, the overall cycle appears to be in its early stages, suggesting a potential for further growth.

While early stages of a cycle could lead to bearish retracements, it could also serve as a bullish indicator for a potential surge to $80,000 in the future. The short-term outlook for Bitcoin trading shows the price struggling to surpass resistance levels around $71,324.33, leading to increased selling pressure and a likelihood of dropping below $66,000.

On the flip side, there is a possibility of a rebound as the Relative Strength Index (RSI) approaches lower support levels, hinting at a potential bullish divergence. This could spark a positive price movement towards $71,000 and beyond, possibly reaching new highs nearing $80,000 just before the halving event. Post-halving, Bitcoin's price is anticipated to continue its upward trajectory towards higher targets.