BTCUSD Sentiment driven
Bitcoin has started to move back towards the $56,000 support area after the pioneer cryptocurrency once again failed to breach its all-time high earlier today. Bearish MACD price divergence is present until the $53,000 level, and is warning of a possible pullback. Traders should also noted that a double-top pattern has once again formed after the pair was unable to break the February trading high.
The BTCUSD pair is only bullish while trading above the $55,000 level, key resistance is found at the $57,300 and the $58,400 levels.
If the BTCUSD pair trades below the $55,000 level, sellers may test the $53,000 and $50,000 levels.