BTC/USD drops with another loss of 0.45% today as the cryptocurrency falls beneath the 9-day moving average to reach the daily low at $40,005.
However, a drop below the lower boundary of the channel could be detrimental to Bitcoin as it could lead the coin to reach the supports at $36,000, $34,000, and $32,000.
At the moment, the Relative Strength Index is likely to cross below 40-level, indicating that more bearish signals might come to play.
According to the 4-hour chart, the Bitcoin price is seen hovering at $40,539 as the coin prepares to cross above the upper boundary of the channel.
Nevertheless, it now appears that the cryptocurrency is ready for the upward moment as the 9-day moving average moves to cross above the 21-day moving average which may confirm the bullish movement.