$BTC price analysis: if bulls cannot seize the initiative by the end of the week, the fall may continue to the zone around $37,500 Bitcoin BTC BTCprice
Bitcoin has failed to get to the vital $40,000 mark, going down by 2.85% over the last day.On the hourly chart, Bitcoin made a false breakout of the local resistance level at $39,823. At the moment, the price is stuck in the middle of the channel, accumulating power for a further move.
However, if the drop continues, there is a chance to see the test of the area around $39,400 until the end of the day.On the bigger time frame, Bitcoin has bounced off the support at $39,218, which means that bulls still control the market situation despite today's decline. From another point of view, the selling trading volume is increasing, which confirms ongoing bearish pressure.
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