Bitcoin has moved sharply higher alongside the broader cryptocurrency market, with the BTCUSD briefly trading above the important $3,500 level. After finding a price floor just above the $3,100 level, the BTCUSD pair may be in the process of forming a bullish inverted head and shoulders pattern. Despite the recent rally, a minor technical correction lower towards the $3,300 level cannot be ruled out.
The BTCUSD pair is short-term bullish while trading above the $3,600 level, key resistance is now located at the $3,800 and $4,000 levels.
If the BTCUSD pair fails at current levels, sellers may test towards the $3,300 and $3,250 support levels.
