Bitcoin has lost its short-term bullish status after slipping below the $11,100 level as the broader market suffers a protracted decline. The BTCUSD pair is also trading below its monthly pivot point, at $10,893, which is also helping to encourage technical selling. BTCUSD bulls are also mindful that a triple-top pattern formation has formed since the rejection from just above the $12,000 level last week.
The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is located at the $11,400 and $11,600 levels.
The BTCUSD pair is bearish while trading under the $11,100 level, sellers may test towards the $10,650 and $10,000 support levels.