BTC faces the long-term resistance that it has been unable to overcome since reaching its peak of $20k. Every time, thus far, Bitcoin has failed to move over this resistance. Interestingly, the last two falls have pinged off the 61.8 Fib level. BTC has not yet done so, and is likely to repeat history. The 61.8 lies at $6900. If the bulls failed to move over this price point a pullback to $5800 is the likely course of action. That said, a break over $6900 is likely to lead to a rally to $7500 where Bitcoin is likely to test the resistance of $8000.