Bitcoin price failed to gain momentum above the $6,750 level and started a downside move against the US Dollar. BTC/USD declined heavily and moved below the $6,650 and $6,550 support levels to turn short-term bearish.
The 2-hours chart of BTC price indicates that buyers struggled to keep bitcoin above the $6,600 support and settled below the 100 simple moving average (2-hours).
During the decline, there was a break below the 50% Fib retracement level of the last leg from the $6,120 swing low to $6,845 high. At present, the price is testing an important support near the $6,380-6,350 zone.
The 2-hours chart of BTC price indicates that buyers struggled to keep bitcoin above the $6,600 support and settled below the 100 simple moving average (2-hours).
During the decline, there was a break below the 50% Fib retracement level of the last leg from the $6,120 swing low to $6,845 high. At present, the price is testing an important support near the $6,380-6,350 zone.