Bitcoin is struggling to recover above the $5,500 level as the cryptocurrency market remains under intense downside pressure. The $3,700 level remains a valid bearish target for the BTCUSD pair while price trades below the pivotal $5,500 technical level. Weakness below the $4,400 level should trigger the next bout of weakness towards the $3,7 and possibly the $3,100 level.
The BTCUSD pair is only bullish while trading above the $5,500 level, key resistance is found at the $6,000 and the $6,400 levels.
If the BTCUSD pair trades below the $5,500, sellers may test the $3,600 and $3,100 support levels.
