Today's Close Could be Pivotal for Bitcoin's Price

Bitcoin's close today will likely decide the short-term trend in prices.

What's more important is that BTC traded yesterday within the high and low range of the previous day, indicating the bears have likely run out of steam and the bulls are still reluctant to enter the market at these levels.

As seen in the above chart, BTC created an inside-day candle yesterday, signaling indecision among both bulls and the bears.

A close above $6,628 would confirm a short-term bear-to-bull trend change.

On the other hand, if prices close today below $6,183, then BTC could resume the sell-off toward the June low of $5,755.

As the above chart shows, BTC has created a bear flag - a bearish continuation pattern - which indicates the sell-off from the high of $7,130 would resume if prices take out the flag support of $6,240.

A bear flag breakdown, if confirmed, would open the doors to $5,240, although the target looks far-fetched as of now.

The probability of BTC witnessing a bear flag breakdown in the next few hours is high.

A short-term bull reversal would be confirmed if BTC scales the previous day's high of $6,628.

A bear flag breakdown would strengthen the odds of BTC finding acceptance below $6,183 and falling towards $5,755 over the next few days.