BTC/USD is dropping with another loss of 2.80% today as the cryptocurrency falls beneath the $40,000 support level to reach the daily low at $39,573.
However, a drop below the lower boundary of the channel could be detrimental to Bitcoin as it could lead the first digital asset towards the supports at $36,000, $34,000, and $32,000.
Moreover, if the buyers can rebound from the current support level of $39,995, the first level of resistance could lie at $42,000.
According to the 4-hour chart, the Bitcoin price is hovering at $39,365 trading below the 9-day and 21-day moving averages.
Moreover, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $40,000 support seem to indicate that bears are building momentum.