Bitcoin (BTC) is currently testing a critical support zone between $74,000 and $75,000 after experiencing a 5.78% weekly correction that brought its price down to $77,900. Analysts, including crypto trader Alex Wacy, have highlighted the $70,000 level as a pivotal point; maintaining this could facilitate a rebound towards $85,000-$90,000, while a drop below it could lead to a more significant decline into the $50,000-$60,000 range. The Bitcoin bull-bear structure index, which tracks market sentiment through various indicators, has turned bearish again after Bitcoin struggled to remain above $82,000 earlier this month. This index briefly indicated bullish conditions on May 6 but fell to -23.49 by May 17, suggesting that selling pressure has increased. Additionally, data from CryptoQuant reveals that 10.54% of older Bitcoin is now moving to exchanges, a stark contrast to the typical rate below 1%. This trend indicates that many investors are locking in losses, contributing to significant selling pressure in the spot market.