Bitcoin has suffered a heavy technical rejection from the $13,000 level, as bulls failed for the second day to maintain price above this crucial area. The bearish head and shoulders pattern on the four-hour time frame is now complete, with the $11,800 level back in focus. The overall negative sentiment in the entire cryptocurrency market is also weighing on the BTCUSD pair.

The BTCUSD pair is only bullish while trading above the $12,400 level, key resistance is located at the $13,000 and $13,300 levels.

If the BTCUSD pair trades under the $12,400 level, sellers may test towards the $10,500 and $9,600 support levels.

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