BTCUSD Slighty Bearish

Bitcoin is trading towards the worst levels of the month as the top cryptocurrency comes under pressure due to a broad-based sell-off in risk assets. The BTCUSD pair could tumble towards the $47,000 level if the $50,000 support level is breached with conviction. Bears may use any technical pullbacks towards the $56,000 resistance level as an opportunity to position themselves for weakness.

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 $53,000 and $50,000 levels.

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Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

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