Bitcoin remains under heavy downside pressure on the cryptocurrency market after sellers were able to break under the pivotal $33,000 support level. The BTCUSD pair has moved under its 200-period moving average on the four-time frame, meaning that the short-term trend is now bearish. This is significant because the short-term trend for the BTCUSD pair has not been bearish since September last year.
The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $36,600 and the $38,000 levels.
If the BTCUSD pair trades below the $33,000 level, sellers may test the $30,000 and $29,000 levels.