Bitcoin has reversed from just under the $56,000 resistance level as US tech stocks start to turn lower again and bond yields are pushing higher. The one-hour time frame currently shows that the BTCUSD may be starting to form a bearish head and shoulders pattern. BTCUSD sellers need to move the price under the $53,000 support level to activate the pattern, which holds a $3,000 downside projection.
The BTCUSD pair is only bullish while trading above the $53,000 level, key resistance is found at the $55,250 and the $56,000 levels.
If the BTCUSD pair trades below the $53,000 level, sellers may test the $51,500 and $50,000 levels.
