Bitcoin is coming under increasing downside pressure on Monday after the number one cryptocurrency broke below the $6,500 level. Now that support has been broken the BTCUSD pair is at risk of dropping towards the $5,500 technical area over the short-term. Traders should also note that the $6,000 level is likely to act as a major pivot point for the BTCUSD pair this week.
The BTCUSD pair is only bullish while trading above the $6,500 level, key resistance is found at the $7,000 and the $7,500 levels.
If the BTCUSD pair trades below the $6,500, sellers may test the $5,800 and $5,500 support levels.
