Bitcoin dipped below $40,000 on Friday, the midpoint of a three-month long trading range.
BTC was trading around $39,400 at press time and is down by 5% over the past 24 hours.
A positive momentum signal on bitcoin’s daily chart was invalidated on Thursday, which typically precedes a period of price weakness.
Most technical indicators are neutral, although a significant loss of upside momentum on the monthly chart increases the probability of a break below BTC’s year-long price range.
For now, the upward sloping 100-week moving average, currently at $35,693, has kept the uptrend intact.
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