The Fibonacci Retracement indicator suggests that $5,300 is the main short-term trend level for Bitcoin. Given the tendency of BTC to retest key Fibonacci levels, it may indicate that the dominant cryptocurrency is likely to see another leg down.
Since April 7, the Bitcoin price has dropped from $7,325 to sub-$6,600, by more than ten percent. It recovered to $7,150, as traders anticipated a minor upsurge ahead of the weekly candle chart close of BTC on April 12. But, with a sharp rejection, BTC fell to the mid-$6,000s as the new weekly candle opened.