Bitcoin has turned sharply lower after once again failing to break above the psychologically important $7,000 resistance level. The BTCUSD pair is now at risk of a major down move over the short-term, with sellers testing towards the $5,500 to $5,000 support area. Overall, bulls now need a daily price close above the $6,800 level to encourage fresh BTCUSD technical buying.
The BTCUSD pair is only bullish while trading above the $6,300 level, key resistance is found at the $7,000 and the $7,200 levels.
If the BTCUSD pair trades below the $6,300, sellers may test the $5,500 and $5,000 support levels.