Bitcoin has broken below the $57,000 level causing further downside pressure towards the top cryptocurrency in the short-term. The Bollinger Band on the daily time frame shows that a further breakout towards the $53,000 level could be on the cards if BTCUSD holds below $57,000. Selling pressure towards Bitcoin is likely to increase significantly if the $55,500 support level is broken.
The BTCUSD pair is only bullish while trading above the $57,000 level, key resistance is found at the $60,000 and the $61,800 levels.
If the BTCUSD pair trades below the $57,000 level, sellers may test the $55,500 and $53,000 levels.
