Bitcoin price analysis: BTC/USD huge chunks sliced off the gains breaking ascending channel support

Bitcoin price failed to break above the resistance at $6,600 as discussed in an analysis published earlier today. The bears increased their grip on the market wiping off a big chunk of the price past the short-term support $6,590. The slightly bullish trend on Monday has turned to a strongly bearish trend that is threatening a lifeline support at $6,500.

The MACD has dropped further below the mean line while the Relative Strength Index (RSI) is advancing into the oversold territory. The sellers have the upper hand at the moment. However, the bulls are battling to defend the support at $6,500. BTC/USD is currently changing hands at $6,505 after breaking out of the ascending channel as seen in the chart.

Bitcoin is at risk of breaking down further towards the key $6,400 support if the short-term $6,500 fails to hold. A couple of more support areas exist at $6,200 and $6,100. To avoid these sort of dips, Bitcoin buyers must reclaim their position above the broken channel support at $6,528.76. Further up, the critical resistance is at the month-long bearish trendline while the ultimate resistance is at $6,800.

BTC/USD 15-minutes chart