Bitcoin retreats from record highs, sits above $6000

• Bitcoin reached an all-time high at $6330 over the weekend.
• Profit-taking forced the BTC/USD pair to retrace its gains on Monday.

The BTC/USD pair struggled to preserve its bullish momentum on Monday and eased off from record peaks to turn negative on the day. Nevertheless, the pair continues to sit above the critical $6000 mark and was last seen trading at $6100, losing 0.6% on the day.

Today's price action doesn't signal towards the beginning of a deeper correction as it seems technical in nature amid a lack of fresh fundamental developments surrounding the digital currency market. The increasing trading volume continues to support the pair's surge. "As for why the price is trending higher, it seems there was an absence of strong news drivers. However, trading volumes in the BTC/USD pair jumped 103 percent on Sunday – indicating that the rally, fueled by trading activity, looks sustainable," notes FXStreet analyst Omkar Godbole in an article written for coindesk.com.

Technical levels to consider

The initial resistance for the pair aligns at $6330 (record high) and a decisive break above this level could open the door for further gains towards $7000 (psychological level). On the downside, supports could be seen at $6000 (psychological level), $5630 (Oct. 28 low) and $5000 (psychological level).