BTCUSD resistance holds

Bitcoin is coming under slight downside pressure after bulls failed to break above the former weekly trading high, just below the $7,000 level. Continued upside failure could see the BTCUSD pair testing back towards the $5,500 support level. Overall, unless BTCUSD bulls breakout above the $7,000 level the number one cryptocurrency could be headed for the large drop.

• The BTCUSD pair is only bullish while trading above the $6,300 level, key resistance is found at the $7,000 and the $7,800 levels.

• If the BTCUSD pair trades below the $6,300, sellers may test the $5,900 and $5,500 support levels.