Bitcoin has come under heavy downside pressure is the Federal Reserve Chair Jerome Powell struck a dovish tone towards cryptos and Bitcoin yesterday. The BTCUSD pair has now staged a bearish break below a key trendline, which has been in play since February. Continued weakness below the trendline, around the $53,000 level, could cause a major sell-off towards $48,000.
The BTCUSD pair is only bullish while trading above the $53,000 level, key resistance is found at the $55,000 and the $57,000 levels.
If the BTCUSD pair trades below the $53,000 level, sellers may test the $50,000 and $48,000 levels.
