Bitcoin is trying to recover higher on the cryptocurrency market on Friday, following the recent price plunge towards the $46,000 support level. The $50,300 level is extremely important from a technical perspective as it is the neckline of a large head and shoulders pattern. Failure to hold the price under this level could result in a technical rebound towards the $54,000 resistance area.
The BTCUSD pair is only bullish while trading above the $53,000 level, key resistance is found at the $54,000 and the $55,000 levels.
If the BTCUSD pair trades below the $53,000 level, sellers may test the $50,300 and $46,000 levels.
