The price declined below the 50% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high.
Besides, there was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair.
It also spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high.
If the bulls able to clear the $40,400 and $40,500 resistance levels, the price could start a decent increase.
If bitcoin fails to clear the $40,400 resistance zone, it could start another decline.
In the stated case, the price could decline towards the $38,500 level or even $37,750.
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