Bitcoin is attempting to recovery higher on the cryptocurrency market after dropping towards the $31,000 price level over the weekend. A double-bottom pattern formation is now present on the chart and could lead to recovery towards the $39,000 resistance level. A series of daily price closes below the $35,000 level could cause further selling pressure towards the BTCUSD, and a test back towards the $31,000 support area.
The BTCUSD pair is only bullish while trading above the $39,000 level, key resistance is found at the $43,000 and the $44,000 levels.
If the BTCUSD pair trades below the $39,000 level, sellers may test the $35,000 and $33,000 levels.
