Bitcoin has staged a strong technical bounce on the cryptocurrency market after briefly dropping below the $31,000 support level. The 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.