BTCUSD correlated decline

Bitcoin looks vulnerable to further losses on an intraday basis as the number one cryptocurrency struggles gain traction above the $12,000 level. The decline in precious metals and a resurgence in the greenback is also starting to hurt cryptocurrency sentiment. Overall, a break under the $11,100 level is expected to accelerate technical selling towards the $10,600 area, and possibly lower.

• The BTCUSD pair is only bullish while trading above the $11,600 level, key resistance is found at the $12,100 and the $12,400 levels.

• If the BTCUSD pair trades below the $11,600 level, sellers may test the $11,100 and $10,600 levels.