Bitcoin price failed to stay above the key $6,520 support area and it declined heavily. BTC/USD broke the $6,200 support area and traded close to the $6,060 level.
After a couple of failed attempts near the $6,860 resistance area, the bitcoin price started a strong decline. BTC/USD broke the key $6,520 support area to enter a bearish zone.
Looking at the 1-hour chart, the price gained bearish momentum and declined heavily below the $6,200 support and settled well below the 25 simple moving average (1-hour, orange).
The market data is provided by TradingView, Bitfinex.
The decline was such that the price even traded below $6,100. It traded to a new weekly low at $6,068 and is currently consolidating losses.
On the upside, initial resistance is near the $6,215 level. It represents the 23.6% Fib retracement level of the recent decline from the $6,698 high to the $6,068 low.
The first major resistance on the upside is near the $6,380 level since it is close to the 50% Fib retracement level of the recent decline from the $6,698 high to the $6,068 low.
Besides, the bitcoin price is likely to face hurdles near $6,520 and a bearish trend line on the same chart. The previous support zone near $6,520 may perhaps act as a major barrier for the bulls in the coming sessions.
If Bitcoin fails to correct higher, it could continue to decline below $6,100 and $6,068. The first major support is near the $6,000 level. Any further losses are likely to open the doors for a larger decline towards the $5,800 support area in the near-term.