Bitcoin has come under heavy downside pressure is the Federal Reserve Chair Jerome Powell struck a dovish tone towards cryptos and Bitcoin yesterday. The BTCUSD pair has now staged a bearish break below a key trendline, which has been in play since February. Continued weakness below the trendline, around the $ 53,000 level, could cause a major sell-off towards $ 48,000.
The BTCUSD pair is only bullish while trading above the $ 53,000 level, key resistance is found at the $ 55,000 and the $ 57,000 levels.
If the BTCUSD pair trades below the $ 53,000 level, sellers may test the $ 50,000 and $ 48,000 levels.