Bitcoin has failed to rally, despite the cryptocurrency trading at discount from last week and numerous daily price closes above the $10,000 level this week. Technical analysis BTCUSD bears may target the $8,800 area if the $9,600 support level is broken this week. Overall, near-term downside risks are starting to increase while BTCUSD continues to trade below the $10,550 resistance zone
The BTCUSD pair is only bullish while trading above the $10,550 level, key resistance is found at the $10,900 and the $11,100 levels.
If the BTCUSD pair trades below the $10,550 level, sellers may test the $9,600 and $8,800 levels
