Bitcoin is under heavy downside pressure again on Tuesday as a widespread sell-off continues to engulf almost the entire cryptocurrency market. A bearish head and shoulders pattern on the daily time frame currently look to be targeting the $ 43,500 technical area. The RSI indicator on the daily time frame is also heading south and looks to be staging a much-needed correction.
The BTCUSD pair is only bullish while trading above the $ 53,000 level, key resistance is found at the $ 54,500 and the $ 55,300 levels.
If the BTCUSD pair trades below the $ 53,000 level, sellers may test the $ 46,000 and $ 43,500 levels.