Bitcoin price topped near the $6,474 level and recently started a fresh decline. BTC/USD is now at a risk of more losses below the $5,675 support area.
In the past few sessions, the bitcoin price followed a declining structure from the $6,474 high. BTC/USD broke the key $6,220 support area to move into a short-term bearish zone.
Looking at the 1-hour chart, the price even traded below the $6,000 support zone and settled below the 25 simple moving average (1-hour, orange). A new intraday low is formed near $5,675 and the price is currently consolidating losses.
The market data is provided by TradingView, Bitfinex.
It is trading above the 23.6% Fib retracement level of the latest drop from the $6,474 high to the $5,675 low. On the upside, immediate resistance is near the $6,000 zone and the 25 simple moving average (1-hour, orange).
Besides, the bitcoin price is currently facing hurdles near $6,000 and a major bearish trend line on the 1-hour chart. It is also close to the 50% Fib retracement level of the latest drop from the $6,474 high to the $5,675 low.
Therefore, an upside break above the trend line, the 25 simple moving average (1-hour, orange), and $6,050 is needed for more gains in the near-term. The next key resistance is near $6,165, followed by the main $6,400 pivot area where sellers might emerge.
Conversely, there could be a downside break below the $5,800 support area. The main support is near the $5,675 area, below which the Bitcoin is likely to drop further. In the mentioned case, there are chances of a sharp decline towards the $5,500 and $5,350 levels in the near term.