The daily chart reveals that BTC/USD could not break above the previous resistance level of $40,500.
Today’s trading marks another day that the Bitcoin price fails to stay below the 9-day and 21-day moving averages as it looks to set up another few days of negative price declines beneath $40,000.
More so, should the technical indicator moves below into the oversold region, the market price may end on the negative side, on the contrary, moving towards the upside could reach the resistance levels at $45,000, $47,000, and $49,000.
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to push the coin above the 9-day moving average.
However, if the buyers hijack the current movement and push it upward, traders may expect a retest at a $40,000 resistance level; breaking this level may further allow the bulls to hit $41,000 and above.