Bitcoin is under heavy downside pressure after crashing to a new yearly trading low on Thursday, around the $5,550 technical area. The $6,450 level is now former support turned resistance and a potential sell area for short and medium-term BTCUSD bears. Following the recent breakout, the BTCUSD pair now has the potential to test towards the $5,000 level and possibly the $4,000 level.
The BTCUSD pair is only bullish while trading above the $7,200 level, key resistance is found at the $7,500 and the $8,000 levels.
If the BTCUSD pair trades below the $7,200, sellers may test the $5,550 and $5,000 support levels.
