It seems like the price struggled to stay above the 23.6% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low.
There is also a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair.
It is close to the 50% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low.
If the bulls able to clear the $41,250 and $41,350 resistance levels, the price could accelerate higher.
If bitcoin fails to clear the $40,250 resistance zone, it could continue to move down.
In the stated case, the price could decline towards the $38,500 level or even $38,000.
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