Bitcoin is attempting to recover higher after sellers failed to breach the $42,000 support level during the Asian trading session. The BTCUSD pair could recover back towards key trendline resistance, around the $48,500 area if gains above the $46,000 level take place. It is important to note that the RSI indicator on the daily time frame is also at its most oversold level of the year so far.
The BTCUSD pair is only bullish while trading above the $46,000 level, key resistance is found at the $47,500 and the $48,800 levels.
If the BTCUSD pair trades below the $46,000 level, sellers may test the $44,000 and $42,000 levels.
