Bitcoin price failed to recover above the USD 40,500 resistance zone and started a fresh decline below USD 40,000.
If the bears remain in action, the price may perhaps drop below the USD 38,800 support zone.
An immediate resistance on the upside is near the USD 39,550 level.
It is now consolidating near the USD 2,850 level and is down 3% in a day and 4% in a week.
Many altcoins are down over 4%, including AVAX, DOT, MATIC, NEAR, TRX, ATOM, WAVES, UNI, XMR, ETC, HBAR, ICP, and VET.
Overall, bitcoin price is facing an increase in selling pressure below USD 40,000.