Bitcoin suffered another wave of selling pressure and found itself tumbling below near-term support around $6,100. Price hit a low of $5,860 near the longer-term floor and might be due for a bounce from here.
However, bearish pressure could be waiting to return around the Fibonacci retracement levels, especially the 38.2% and 50% Fibs that line up with the former support. The 100 SMA dynamic inflection point is closer to the 61.8% Fib at $6,300.
On the subject of moving averages, the 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This suggests that the downtrend is more likely to resume than to reverse.