Bitcoin is trading towards the worst levels of the month as the top cryptocurrency comes under pressure due to a broad-based sell-off in risk assets. The BTCUSD pair could tumble towards the $47,000 level if the $50,000 support level is breached with conviction. Bears may use any technical pullbacks towards the $56,000 resistance level as an opportunity to position themselves for weakness.
The BTCUSD pair is only bullish while trading above the $56,000 level, key resistance is found at the $58,000 and the $60,000 levels.
If the BTCUSD pair trades below the $56,000 level, sellers may test the $53,000 and $50,000 levels.
