The recent drop in Bitcoin price was pretty sharp, as Bitcoin went from 69k to 59k in just a week. Of course, most people understand that such corrections are quite ok for Bitcoin and are best to be ignored. Yet, it's not bad to look at the chart and see whether the correction is a cause for concern or not. Let's look at the daily 1-year chart as well as a longer-term weekly 5-year chart for some perspective.
The daily chart shows that Bitcoin is currently resting nicely at 50 DMA that has been a support for a couple of days. If one looks at other trend lines, yellow to be precise, then Bitcoin still has room to fall further. Even if Bitcoin wants to retest the bull flag then too, there is room for further downside. RSI is within a range for now. While it can blip further, what is good to see is that it is currently at a level last seen before Bitcoin started its run-up to 69k (highlighted in blue). I think the daily chart shows that there may be a possibility of Bitcoin dropping to ~$50k if 50 DMA does not hold.
The longer-term 5-year chart paints a very different picture. While Bitcoin can go down to the red trend line, it is currently finding support at the previous high, as shown by the trend line in white. The volumes have been lower than usual and RSI is trending up as well. RSI is currently at the yellow trend line and can find support here. If it does, then 50 DMA on the daily chart and ~$60k based on the white trend line on the 5-year chart should attract enough bulls here.
Of course, what the 5-year chart shows is that the current drop is quite a small blip in the overall long-term trend of bitcoin and that weekly corrections tend to be much sharper than this. We are also yet to see a good parabolic run-up that would force us to call this bull run overheated and I believe there is still significant room on the upside for Bitcoin to cover.