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Bitcoin is under heavy downside pressure again on Tuesday as a widespread sell-off continues to engulf almost the entire cryptocurrency market. A bearish head and shoulders pattern on the daily time frame currently look to be targeting the $43,500 technical area. The RSI indicator on the daily time frame is also heading south and looks to be staging a much-needed correction.

The BTCUSD pair is only bullish while trading above the $53,000 level, key resistance is found at the $54,500 and the $55,300 levels.

If the BTCUSD pair trades below the $53,000 level, sellers may test the $46,000 and $43,500 levels.