Bitcoin is painting a less bullish picture than 24 hours ago, following a drop out of an ascending price channel, reported CoinDesk.
Stepping back, the leading cryptocurrency picked up a strong bid at $6,200 on Oct. 31, keeping the crucial 21-month EMA support intact. Further, it witnessed a symmetrical triangle breakout earlier this week, signaling that bulls have come out victorious in a tug of war with the bears.
More importantly, the breakout looked legitimate as the technical indicators turned bullish. Notably, the relative strength index rose to a three-month high of 59.00 yesterday, signaling strong bullish conditions.
As a result, BTC may experience a deeper drop to the hourly chart support of $6,372. A violation there would expose the recent low of $6,200.