The technical picture has worsened significantly after a break below the mentioned levels, and this break was a confirmation of the ongoing that started on May 5, when the price was rejected from the 200-DMA marginally below the $10,000 threshold.
By the way, the trading volumes have increased lately, which could mean we’ll see further decline o some point before the buyers jump in.
The immediate support is the $7,400 area where the lowest level since April 12 lies. Should the price erode this level, BTCUSD may challenge the $7,000 mark where some bulls could reemerge. In the short term, the cryptocurrency will likely make another attempt to recover above the important $7,800 figure.