Bitcoin (BTC) Price Watch: Another Day, Another Breakdown

Bitcoin Price Key HighlightsBitcoin price has broken below a short-term consolidation pattern and is setting its sights on the next floor.Price is still trading inside its descending channel and might be due to test the bottom around $5,600 soon.Technical indicators continue to reflect the presence of selling pressure but there are also signs of a possible bounce.Bitcoin price broke below a short-term consolidation pattern as it gains bearish traction and aims for the next support.Technical Indicators SignalsThe 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is still more likely to carry on than to reverse. The 100 SMA lines up with the channel top as well, adding to its strength as a ceiling.RSI is on the move down to show that selling pressure is present, but the oscillator is already dipping into oversold

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