Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish

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Key PointsBitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar.Yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair even traded to a new monthly low below $6,000 and moved into a bearish zone.Bitcoin price broke key supports near $6,280 against the US Dollar. BTC/USD may correct higher, but broken supports at $6,050 and $6,280 are likely to cap gains.Bitcoin Price AnalysisYesterday, we discussed that bitcoin price could gain momentum if it breaks the $6,570 resistance against the US Dollar. The BTC/USD pair failed to break the $6,570 and $6,600 resistance levels, and declined. It dropped sharply and broke many supports like $6,450, $6,300 and $6,280. It even settled below the $6,100 level and the 100 hourly simple moving average.During the decline, yesterday’s highlighted key contracting triangle was breached