Bitcoin remains on the defensive

  BTCUSD suffered a steep decline yesterday, with the price has lost over 5% on a daily basis. The digital currency remains on the defensive on Wednesday, with the price struggles to regain the $6,300 mark. The downside pressure could intensify in coming days, and the coin may lose the $6,000 support for the first time since late-June.

  As the pair reached the key local resistance level of $6,800 a few days ago, charts started to signal that the bullish impetus has been exhausted. Since then, the cryptocurrency made failed attempts to regain the upside impulse amid a lack of positive headlines and catalysts in the industry. The recent breakout from a falling channel adds to the negative technical picture as well.

  The inability to regain the $6,300 region would expose the $6,000 psychological support. On the upside, a daily close above the 10-DMA marginally below $6,600 could open the way for another bull run towards the mentioned intermediate resistance that stands on the way to the $7,000 barrier.