Meanwhile, traders are not surprised by the selling pressure as bears are trying to drag the price below the 9-day and 21-day moving averages.
According to the daily chart, the Bitcoin price is moving down with a loss of 1.64% at its current price of $40,698.
Presently, BTC/USD is currently sliding below the moving averages, with bears moving to erase the gains that came about at the early hour of today’s trading.
According to the 4-hour chart, the resistance at $43,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency remain indecisive over the past few hours now.
However, the coin is still roaming around $40,765 as bears are pushing the price below the 9-day and 21-day moving averages.