BTCUSD $50,000 Holds

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.

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