A cry of sorrow! Bitcoin short-term plummeted nearly $4,000, is the bull about to leave?

Bitcoin is currently under pressure from a global market risk-off sentiment, leading to its largest weekly loss since the collapse of FTX exchange in 2022. Bitcoin fell by 13.1% in the seven days leading up to last Sunday, marking the largest drop since the bankruptcy of FTX. On Monday, Bitcoin briefly fell below $68,000, with Ethereum and other altcoins also experiencing significant declines. Earlier on Monday, U.S. stock futures fell, reflecting concerns about the growth prospects of the world's largest economy, as well as weakness in large tech stocks amid questions about whether the artificial intelligence hype has gone too far. Geopolitical tensions in the Middle East have intensified, exacerbating investor anxiety. Bitcoin briefly fell below the $54,000 mark, dropping nearly $4,000 from the intraday high, while Ethereum approached the $2,000 mark. According to Coinglass data, long positions worth up to $333 million were liquidated in the past hour. On August 2nd, the U.S. spot Bitcoin ETF experienced the largest outflow of funds in about three months, and Bitcoin also fell below the 200-day moving average price. Tony Sycamore, market analyst at IG Australia Pty, wrote in a report that this technical chart pattern "paves the way for further pullback". Since hitting a record $73,798 in March, Bitcoin has been hit by a series of factors, including changes in the U.S. political landscape, as Republican presidential candidate Trump, who supports crypto, and his Democratic opponent, Vice President Harris, who has not detailed a digital asset policy stance, compete in the presidential race. There are also concerns in the market that seized Bitcoins may be sold by the government, and the tokens returned to creditors by Mt. Gox through bankruptcy proceedings could pose a risk of oversupply. Bond traders have increased bets on the U.S. cutting rates starting in September to support economic expansion. Sean Farrell, digital asset strategist at Fundstrat Global Advisors LLC, believes that recent turmoil in traditional markets "increases the likelihood of monetary policy being implemented earlier rather than later, which is good for cryptocurrencies". Bitcoin's year-to-date gain has slowed to around 34%, while gold has risen by 19% and global stocks have risen by 9%