Bears have continued their pressure, keeping the cryptocurrency market in the red zone.
Bitcoin (BTC) has failed to get to the vital $40,000 mark, going down by 2.85% over the last day.
On the hourly chart, Bitcoin (BTC) 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 (BTC) 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.
In this case, the breakout of the support might lead to a sharp decrease to $38,000 soon.
Analyzing the weekly chart, Bitcoin (BTC) is rather more bearish than bullish as the price is located below the $40,000 mark. If bulls cannot seize the initiative by the end of the week, the fall may continue to the zone around $37,500.
Bitcoin is trading at $36,607 at press time.