Recent on-chain and technical analyses indicate Bitcoin's latest price plunge could be the preamble to a new descending trend. Key observations include:

The crash shattered vital technical support levels, pushing bullish momentum to the sidelines.

On-chain data reveals a significant percentage of recent Bitcoin investors are incurring losses. Their susceptibility to sell in a further decline is palpable.

The root of the downturn? A massive de-leveraging in Bitcoin futures markets. Interestingly, options markets remained relatively calm.

History reminds us: sharp leverage liquidations can flag a directional shift. Previously, bull runs have been initiated by shorts getting squeezed.

Current on-chain data depicts a "top-heavy" market. A bulk of Bitcoin's supply is held by investors whose purchase price surpasses the present rate. Their jittery nature hints at potential sales if the price dips again.

Several on-chain momentum indicators suggest a possible transition from a bullish to bearish mood.

In essence, though not conclusive, prevailing evidence leans towards a delicate state for Bitcoin. The imminent weeks will decide if the bearish atmosphere persists due to uneasy holders, or if the bulls rally and thwart the declining trajectory. Presently, the scale tips slightly towards a short-term bearish outlook.