With the start of the week, Bitcoin saw a sharp selloff during early Asian hours.
Bitcoin price traded below the $41,200 resistance zone for several days.
The key weekly support is near USD 37,200, below which the price might gain bearish momentum.
Immediate resistance on the upside is near the USD 39,500 level.
As of this writing, the coin is also trading below its pivot point and closer to its initial pivot support.
With Bitcoin creating a pattern that has historically resulted in dramatic trend reversals, Cowen examines what may lie ahead for the world’s most valuable cryptocurrency.