After hovering around 650 levels for few days, BTC/USD has fallen sharply, breaking below the psychological 600.00 mark. It has hit a low of 594.21 levels and currently trades at 599 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 634.31

Kijun Sen: 643.91

Trend Reversal: 600.78 (90 EMA)

“The pair has broken major support at $600 and declined till $594 at the time of writing. BTC/USD is trading slightly below $600 currently, so further decline till $540 is possible”, FxWirePro said in a statement.

According to Forklog, the current decline in Bitcoin price could be due to the continued lack of consensus among developers and miners on the scaling issue.

Long-term trend remains bullish for the pair and major resistance is around $634 (55 day EMA) and any break above targets $647(7 day EMA)/ $665 (Jul 24 low). Short-term support is seen at $600 (90 day EMA) and any violation below will drag the pair till $540 (Jun 23 low).