Bitcoin is reversing lower and suffering intraday losses on Wednesday, after being strongly rejected from the $55,700 resistance level. Bears need to hold the BTCUSD below the $54,000 level to encourage technical selling towards the $52,800 area. Bearish MACD price divergence is a warning that the BTCUSD pair could suffer even greater losses towards the $51,000 level.
The BTCUSD pair is only bullish while trading above the $54,000 level, key resistance is found at the $55,700 and the $57,000 levels. If the BTCUSD pair trades below the $54,000 level, sellers may test the $52,800 and $51,000 levels.