Yesterday, BTC saw a 5% decline below the $7,000 support region. Moreover, the price broke the $6,800 support level and the 100 hourly simple moving average (SMA). BTC dropped as low as $6,761 and it is currently consolidating losses. There was a break above the 23.6% Fib retracement level of the recent decline from the $7,295 high to $6,761 low.

On the upside, an initial resistance is seen near the $6,955 level. The first key resistance is close to the $7,000 and $7,030 levels. There is also a key bearish trend line forming on the BTC/USD hourly chart, with resistance near $7,030. This trend line coincides with the 100 hourly SMA at $7,035. Additionally, the 50% Fib retracement level of the recent decline from the $7,295 high to $6,761 low is near the $7,028 level.

Should there be any possible increase, bitcoin bulls are likely to struggle near the $7,000 and $7,030 levels. A successful break above the trend line, the 100 hourly SMA and $7,050 could pave way for a fresh rally. The next key resistance after $7,050 is close to the $7,200 level.

On the downside, BTC remains at a risk of further decline below $6,800 and $6,761. The next major support is close to the $6,555 level, which could likely serve as a strong buy zone for the bulls. If the BTC price fails to remain well bid above the main $6,555 support, there is a risk of a larger decline towards the $6,200 and $6,000 support levels in the near term.

Technical Indicators:

The hourly MACD for the BTC/USD trading pair is currently losing strength in the bullish zone. The hourly RSI (Relative Strength Index) for the pair is now near the 50 level. Major support levels are at $6,750 and $6,555, whereas major resistance levels are also at $6,960, $7,030 and $7,200.