BTC is trading below 50dsma and 200dsma. And 50dsma is below 200dsma. MFI suggest oversold. And Price volume trend suggests that people who bought it at the hight in nov, dec, and jan actually no longer hold it. Daily trading volume is much lower suggesting that downward trend does not have conviction.
So yes BTC is in downward trend and it may remain in that longer than wished but any positive trigger has potential to lift it out of this bear phase as sellers are also tired now.