Bitcoin has a tough week ahead as the technicals surrounding the top cryptocurrency still look bearish across various time frames. Fibonacci analysis shows that the next major price move is likely to happen once the $47,500 to $54,000 price range is broken. If the $47,500 support level is broken this week the BTCUSD pair could fall towards the $44,000 technical support zone.
The BTCUSD pair is only bullish while trading above the $51,300 level, key resistance is found at the $53,000 and the $54,600 levels. If the BTCUSD pair trades below the $51,300 level, sellers may test the $47,500 and $44,000 levels.