Bitcoin has pulled back over the weekend as its nearest rival, Ethereum, continues to steal valuable market share from the top coin. The BTCUSD pair need to stabilize the daily above its key 50-day moving average, around the $56,800 level, to encourage the notion a meaningful bottom has formed. A sustained loss of this key technical benchmark could cause a decline back towards the $55,000 area.
The BTCUSD pair is only bullish while trading above the $56,800 level, key resistance is found at the $57,700 and the $58,600 levels.
If the BTCUSD pair trades below the $56,800 level, sellers may test the $55,000 and $53,000 levels.
