Bitcoin is testing a crucial support level at $87,000 as it forms a bear-flag pattern, with potential for further downside if this level is breached. Analysts, including Crypto Patel, warn that a breakdown below this support could lead to a decline towards $80,000, $72,000, or even $60,000. Despite the bearish setup, a recovery above $90,000 could negate the pattern. Bloomberg's Mike McGlone highlights Bitcoin's underperformance relative to gold, suggesting it could signal market weakness as geopolitical tensions rise. Meanwhile, on-chain data indicates that while Bitcoin faces macro-driven pressure, whale and shark wallets continue to accumulate, suggesting a potential long-term bullish divergence.