Bitcoin has broken below its extremely important 21-day moving average, placing heavy technical selling pressure on the first digital asset. Further downside pressure should be expected towards the $51,300 level while the daily candle trades below the 21-day moving average. Looking ahead, a break under the $50,000 level could cause a price collapse towards $47,000.
The BTCUSD pair is only bullish while trading above the $57,500 level, key resistance is found at the $58,400 and the $59,000 levels. If the BTCUSD pair trades below the $57,500 level, sellers may test the $51,300 and $50,000 levels.