Crypto Technicals: BTC/USD crumbles under bear pressure, slips below $7000 mark

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 6600 (May 17 low); Resistance: 7035 (5-DMA)

Technical Analysis: Bias Strongly Bearish

BTC/USD crumbles under bear pressure, slumps lower to trade below the crucial $7000 mark.

The pair was consolidating previous session's losses, trades largely muted at 6866 at 04:05 GMT, after closing 3.29% lower in the previous session.

Price action continues to grind lower in sloping channel pattern. Bearish momentum in the pair remains intact. Rising volatility to see added bearish pressure.

GMMA shows that the short-term MAs on the weekly charts are crossing below the longer-term MAs.

No major signs of recovery, pair looks set to test fresh lows with next major support at 6600 (May 17 low). Break below will see test of 5663 (76.4% Fib).

5-DMA is immediate resistance at 7032. Break above could see test of 20-DMA at 7301. Break above 21-EMA required for shift in near-term trend.

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