Bitcoin is trading at a critical juncture as bulls and bears continue to do battle for control of the top crypto over the short-term. The BTCUSD pair has suffered a big technical rejection from the weekly pivot point, which is found close to the $50,000 level. However, a bearish head and shoulders pattern continues to weigh on the BTCUSD while the price is capped below the former weekly high.
The BTCUSD pair is only bullish while trading above the $47,500 level, key resistance is found at the $50,000 and the $52,000 levels.
If the BTCUSD pair trades below the $47,500 level, sellers may test the $45,500 and $44,000 levels.