Bearish Cross Hints at More Losses Ahead for Bitcoin Price

Bitcoin is on the defensive, having breached crucial support on Monday and could suffer a deeper drop, courtesy of a bearish crossover between key moving averages.

As a result, while BTC managed to hit 17-day highs above $6,800 on Saturday, it fell back below $6,600 yesterday, neutralizing the bullish outlook.

Further, the pullback from the weekend high of $6,841 to today's low of $6,370 validates the bearish view put forward by the negative moving average crossover on the monthly chart.

BTC risks falling to the major support at $6,000 in the next few days.

Over on the daily chart, BTC has found acceptance below the double bottom neckline of $6,600.

BTC is still trapped in the large pennant, and a UTC close below the lower edge of the pattern would confirm a revival of the sell-off from May highs above $8,500.

As seen in the above chart, the 5-month exponential moving average crossed the 10-month EMA from above at the turn of the last month, confirming a bearish crossover.

BTC's failure to hold above the MAs over the weekend added credence to the negative MA signal.

View BTC's drop below $6,600 yesterday has neutralized the immediate bullish outlook.

The bearish crossover between the 5-month and 10-month EMAs indicates that BTC is more likely to find acceptance below the pennant support, currently located at $6,265.