- The bitcoin market is seeing some pullback as the monthly and weekly resistance level has proven to be a tough level to crack. On the daily level we can see a couple of attempts to break the level, but ultimately this was matched with strong selling pressure.
- On bitcoin’s four-hour chart we can see that support that once held the market up is now turning into support with a failure to reclaim the level.
- If we fail to reclaim the $7,800s, we can expect to see a retest of the $7,300s and if that level doesn’t hold, we will very likely see a test of the low $6,000s.
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This article originally appeared on Bitcoin Magazine.