Bitcoin (BTC) risks falling to $6,000 in the next 24 hours, but there is limited room for a drop below that level, the technical studies indicate.

BTC's retreat from the weekly high of $7,509 to $6,600 not only marks a failure on the bulls' part to hold prices above the key resistance of $7,240 (March 8 low), but also signals continuation of the bearish "lower" highs pattern (marked by hand signs) as seen on the chart below.

As of writing, the cryptocurrency is changing hands at $6,565 on Bitfinex - down 3.9 percent from Thursday's close (as per UTC) of $6,769.