BTCUSD $4,700 key
Bitcoin has briefly crashed below the $4,700 level, with the cryptocurrency reaching its lowest level in over a year, around the $3,800 level. Continued weakness below the $4,700 level could see the BTCUSD pair testing the $3,800 and possibly the $3,300 support area. Bulls need to close the day above the $6,400 level to encourage the notion that a major technical bottom is in place.
The BTCUSD pair is only bullish while trading above the $6,400 level, key resistance is found at the $7,000 and the $7,200 levels.
If the BTCUSD pair trades below the $6,400, sellers may test the $4,700 and $3,300 support levels.