After consolidating above the $37K decisive level for a few weeks, Bitcoin was eventually rejected after another attempt at $40K and plunged below the key support following tremendous bearish momentum.
Many retail investors have been buying Bitcoin around the $37K range, resulting in a lot of liquidity below the threshold level.
On the other hand, the RSI indicator has crossed into the oversold territory.
Bitcoin has been forming a continuation correction flag pattern after a huge bearish move starting at $69K , and last week it broke down the lower trendline of the mentioned flag.
Miners had been accumulating Bitcoin since July 2021, as can be seen on the following chart, but as the price climbed beyond $49K, the MPI indicator surged and hit a local high, indicating selling pressure from Miners.