Bitcoin is back under downside pressure after quickly dropping towards the $6,550 support level in early week trading. Buyers need to anchor price above the BTCUSD pairs 50-day moving average, around the $7,150 level, to encourage the next big rally. Overall, the BTCUSD pair is now at serious risk of slipping towards the $6,000 level while price trades below the $7,150 level.
The BTCUSD pair is only bullish while trading above the $7,000 level, key resistance is found at the $7,150 and the $7,450 levels.
If the BTCUSD pair trades below the $7,000, sellers may test the $6,550 and $6,000 support levels.
