Bitcoin is building bearish momentum on Wednesday after bulls struggled to break past the pivotal $8,300 resistance level. BTCUSD sellers now need to move price under the $7,800 level in order to encourage a much stronger down move. Failure to hold the pair below the $7,800 level could result in fresh BTCUSD buying back towards the $8,300 support level.
The BTCUSD pair is only bullish while trading above the $8,300 level, key resistance is located at the $8,500 and $8,810 levels.
If the BTCUSD pair trades under the $8,300 level, sellers may test towards the $7,800 and $7,400 support levels.
