BTCUSD $22,400 now key

Bitcoin is back under downside pressure on Tuesday as a number of fundamental and technical factors weigh on the first cryptocurrency. Technical analysis shows that sustained weakness below the $22,400 level could prompt a heavy drop towards the $20,000 area. Overall, sellers are attempting to move the BTCUSD pair below the neckline of a large head and shoulders pattern.

• The BTCUSD pair is only bullish while trading above the $22,800 level, key resistance is found at the $23,300 and the $23,800 levels.

• If the BTCUSD pair trades below the $22,800 level, sellers may test the $21,800 and $20,400 levels.