At the moment BTC is losing a very important historical support line, If BTC does not get back above the support then trouble is near. BTC is retesting the historical line but now it seems like the loss of the support became resistance which is very bad for the bulls.

(Basic Analysis update for my previous post which is based upon the 1day chart)

Overall Bitcoin seems extremely bearish and seems very likely that this major support line will be lost due to strong selling pressure