Bitcoin is attempting to recover, following a brutal weekend sell-off where the number once cryptocurrency fell towards the $51,300 support area. In the near term, the main focus for short-term traders is an ascending triangle pattern, between the $57,500 and $56,500 level. If a bullish breakout from the triangle takes place then a further rally towards at least the $58,100 looks possible.
The BTCUSD pair is only bullish while trading above the $57,500 level, key resistance is found at the $58,100 and the $58,400 levels. If the BTCUSD pair trades below the $57,500 level, sellers may test the $56,500 and $55,500 levels.