Bitcoin is under pressure on Wednesday, as the traders continue to book profits after the cryptocurrency traded towards the $12,400 level. BTCUSD bulls may attempt to enter into the prevailing uptrend from either the $11,100 or $10,500 technical areas. Lower time frame analysis shows that the BTCUSD pair is vulnerable to selling while trading below the $12,000 resistance level.
The BTCUSD pair is only bullish while trading above the $12,000 level, key resistance is found at the $12,400 and the $13,000 levels.
If the BTCUSD pair trades below the $12,000 level, sellers may test the $11,600 and $11,100 levels.
