Bitcoin News, Bitcoin Price, Price Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn On Wednesday morning, Bitcoin continued its decline from earlier this week, falling below the pivotal $6,500 price point. The cryptocurrency is now trading at around $6,400. Its price fell by approximately 17% over the past seven days and by 75% through 2018. Bitcoin Continues Decline, Testing New Support Continuing its decline from this past weekend, Bitcoin price fell below the critical $6,500 level. BTC/USD is now on a bearish trend testing a new support at $6,340. Another bearish trend line formed earlier at its resistance level of $6,550. As a result, BTC/USD fluctuated between the $6,400-$6,500 range throughout most of Wednesday morning. On the downside, a break below the support could take BTC/USD toward $6,000 and even a long-term bottom at $4,000. On the upside, a rebound above $6,500 is also a possible scenario, but a move toward $7,000 and beyond seems out of reach. Source: Tradingview The moving averages suggest that the price path is to the downside and a selloff is more likely to happen. However, a strong bullish pressure could take BTC/USD near the resistance later in the day and lead a minor pullback. The MACD crossover confirms this bullish sentiment, but the RSI is indicating overbought conditions that are taking Bitcoin price higher. Looking at the Technical Indicators: Hourly MACD — Bullish signal Hourly RSI — Bitcoin is in overbought territory Major Resistance Level — $6,550 Major Support Level — $6,340 Featured Image: Depositphotos/© peshkova Sponsored Crypto Content Wall Street Insider Reveals His Secret To Blockchain Investing How Much Do You Know About Cryptocurrency New Crypto Millionaires Are Created Everyday! 2018 Is The Year Crypto Currency Millionaires Are Made Ad If You Liked This Article Click To Share This article was originally published by Cryptocurrencynews.com. Read the original article here. Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Products You May LikeArticles You May Like Price Analysis 18/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, LEO Bitcoin Is Totally Different Than Libra: Calibra Head David Marcus Here’s How Much Bitcoin Is Currently Locked Up in Sidechains ACINQ Unveils Its ‘2nd Generation’ Bitcoin Lightning Network Wallet Crypto IRS Audits: Hire Professionals or Do it Yourself?