BTC update: BTC price further weakens, the trend turns downward

BTC chart further weakens and quickly declines to $6700-6800 band from a previous short-term peak of about 7500. 6700 temporarily forms a support but RSI shows overselling for many hours, which shows a strong selling pressure on the price. The movement from 6500 to 7500 was slow but the price hadn't stayed long under 7000. Now that 6500-7000 has become normal, the price can easily decrease below 6500, to test the psychological level of 6000. These low levels are dangerous for overall BTC network health, because it is too close to mining cost (minimum about $3500).

BTC currently trades close to 24h minimum, and the trend is clearly downwards at all timescales. The hourly chart is especially interesting as it shows the immediate dynamics, daily trend was downwards but hourly trend was up. This resulted in weak upwards movements except a few fast events. We can also see that the hourly downtrend is forming and there already have been 3 small waves. We could be past 50% of the descent from 7500. The decline however, has been faster than the rise, and now that all trends are down, we should be expecting even more price thinning from a technical point of view. Obviously, those with positions should watch the 6500 level as it would become the second testing of this support in a short while.