Bitcoin has moved back towards the $ 50,000 resistance level, although bulls are starting to struggle to break this key technical benchmark. Traders should note that a large head and shoulders pattern is still in play while the BTCUSD pair trades below the $ 58,000 level. Failure to move past the $ 50,000 resistance level could result in a decline back towards the $ 44,000 support zone.
The BTCUSD pair is only bullish while trading above the $ 47,500 level, key resistance is found at the $ 50,000 and the $ 52,000 levels.
If the BTCUSD pair trades below the $ 47,500 level, sellers may test the $ 45,500 and $ 44,000 levels.