Recently, Bitcoin (BTC/USD) formed a short-term price bottom and looked like it was going for a bull run. We were anticipating a bullish rally within the context of a bearish correction. But even our bearish bias was too bullish as BTC/USD failed to push above $6600.$BTCUSD 4H Chart(click to enlarge)Bears Maintain Grip:- On the 4H chart, we can see that price was unable to clear above an earlier resistance pivot This would have been the first key break and it didn’t happen.- The next key price action would have been a break above the $6600 level where the 200- and 100-period simple moving averages (SMA) reside.- Last week, price action was able to hold above $6400, which showed ability of the price bottom to hold. Thus Bitcoin was at the crossroad.- Bitcoin started this week unable to push higher. Instead, the price bottom failed to hold and price is now with bearish pressure.- This failure to bottom suggests pain ahead. I think there is a strong chance price will indeed test that $5850-$6000 support area that has been holding throughout the year.- A break below that first opens up the $5000-$5100 area, and then the $3000 mark. BTC/USD Daily Chart(click to enlarge)From CoinPowR