“It’s important for bitcoin to hold support around $6,747 this week, Chris Kimble, CEO of Kimble Charting Solutions, said in an email. If that fails, bitcoin could drop to near $2,000, he said,” according to CNBC.

Bitcoin does not lack for supporters as there have been plenty of bullish calls on the cryptocurrency in recent weeks. Some crypto market observers have opined bitcoin could reach new highs this year, but those are just projections, but recent price action suggests some bitcoin bulls may have to reassess upside targets.

“The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC,” Robert Sluymer, technical strategist at Fundstrat Global Advisors, said in an email to CNBC.

For more information on the cryptocurrency market, visit our Bitcoin category.