Bitcoin has staged a strong technical bounce on the cryptocurrency market after briefly dropping below the $ 31,000 support level. Technical analysis highlights that the short-term trend in the BTCUSD pair remains bearish while the price trades under the $ 32,900 level. Gains above the $ 32,900 level could provoke a key technical test of the $ 35,000 resistance level.
The BTCUSD pair is only bullish while trading above the $ 32,900 level, key resistance is found at the $ 34,000 and the $ 35,000 levels.
If the BTCUSD pair trades below the $ 32,900 level, sellers may test the $ 31,000 and $ 30,000 levels.