Bitcoin (BTC) has just faced rejection at a long term resistance. The price has now broken below the 5 Day EMA and looks likely to drop further. If today’s daily candle closes below the 5 Day EMA, we will see Bitcoin (BTC) retesting $ 6,200 again. If that level fails to hold, then we may even see the price drop further to $ 5,800. In any case, Bitcoin (BTC) will be expected to bounce off these levels with strength as it has in the past. BTC/USD tested $ 5,900 around mid August but bounced strongly off that level. After that, the price rallied all the way to $ 7,400. If Bitcoin (BTC) falls to $ 6,200 or lower and bounces from there, it would become easier for the bulls to break the long term resistance.