Bitcoin Recovering After a Sharp Decline: Here’s Why Bulls Could Fail

Bitcoin declined sharply below the $6,200 support against the US Dollar. BTC price found support near $5,850 and it is currently recovering towards a couple of key hurdles.Bitcoin is correcting higher from the $5,846 swing low against the US Dollar.
The price is showing positive signs above the $6,000 level, but there are many hurdles on the upside.
There was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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