Bitcoin is struggling to make upside traction as the broader cryptocurrency market still remains entrenched in a bear market. The four-hour time frame shows that the $33,000 level is the neckline of a bearish head and shoulders pattern and is acting as a pivot point. Sustained weakness below the $33,000 level could cause the BTCUSD pair to fall towards the $31,000 level.
The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $34,400 and the $35,900 levels.
If the BTCUSD pair trades below the $33,000 level, sellers may test the $32,100 and $31,000 levels.