Bitcoin is under pressure in the short-term, following more bearish news from the People’s Bank of China surorunding cryptocurrencies. BTCUSD bulls need to anchor the pair above the $35,000 level to encourage a test towards the top cryptos 50-day moving average. To the downisde, a break under the $33,000 level exposes further losses towards the $31,000 support area.
The BTCUSD pair is only bullish while trading above the $35,000 level, key resistance is found at the $35,900 and the $38,300 levels.
If the BTCUSD pair trades below the $35,000 level, sellers may test the $33,000 and $31,000 levels.
