On the upsides, there are many resistances near the $6,880, $6,900 and $6,930 levels. The first major resistance is near the $6,930 level since it is close to the 50% Fib retracement level of the recent downward move from the $7,279 high to $6,575 low.
Additionally, there is a new connecting bearish trend line forming with resistance near $7,010 on the hourly chart of the BTC/USD pair. Therefore, bitcoin price needs to climb above the $6,930 and $7,000 resistance levels to start a decent recovery.
The next major resistance is near the $7,360 level and the 100 hourly simple moving average. Conversely, the price may perhaps continue to move down below $6,600.
The main support is near the $6,500 level, where the bulls are likely to put up a strong fight.
Looking at the chart, bitcoin price is clearly struggling to correct above $6,800. Thus, there remains a risk of another slide or spike towards $6,500 and $6,400 before an upside correction.