After a bullish day yesterday, BTC is seeing bears take over today. As seen on the chart, the dotted purple support appears to be holding, for now.
This support has now been holding for 6 times, chances are that it will hold for another time.
However, if BTC will close the day below this support it might give bears the confidence that there's more pain ahead. Personally, I'm looking for the 4H timeframe to get oversold.
We've not been oversold on the 4H timeframe since half December, so I'd argue that bulls might want to wait for that to occur before stepping in again.