Bitcoin is looking more bearish as the number one cryptocurrency struggles to rally away from the worst levels of the week. Sustained weakness under the $56,000 level could prompt an even greater decline in the BTCUSD pair towards the $53,000 level. It is highly likely that Bitcoin could fall towards the $50,000 level if the $53,000 support level is broken.
The BTCUSD pair is only bullish while trading above the $56,000 level, key resistance is found at the $58,000 and the $60,000 levels.
If the BTCUSD pair trades below the $56,000 level, sellers may test the $55,000 and $53,000 levels.
