The price is currently trading below $41,000 as well as the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a break below a key bullish trend line with support near $40,400.
Bitcoin’s price has risen above the $41,000 resistance level.
The price fell below the 50 percent Fib retracement level of the recent increase from the swing low of $39,269 to the high of $41,548.
Furthermore, on the hourly chart of the BTC/USD pair, there was a break below a key bullish trend line with support near $40,400.
It also fell below the 76.4 percent Fib retracement level of the recent increase from the swing low of $39,269 to the high of $41,548.
If the bulls can break through the $40,400 and $40,500 resistance levels, the price could begin to rise.
If Bitcoin fails to break through the $40,400 resistance level, it may begin a new decline.
In the aforementioned scenario, the price could fall to $38,500 or even $37,750.