BTC/USD is likely to drop today as the cryptocurrency may fall beneath the $38,500 support level to reach the daily low at $38,000.
A drop to the south could be detrimental to Bitcoin as it could lead the coin towards the supports at $35,000, $33,000, and $31,000.
Therefore, if the coin can break above these levels, the market may be on the verge of turning bullish in the long term.
According to the 4-hour chart, the Bitcoin price is hovering at $38,678 as the coin is likely to cross above the 9-day and 21-day moving averages.
Nevertheless, it now appears that the cryptocurrency is at risk of seeing further downside as the 9-day MA crosses below the 21-day MA and this seems to indicate that bears are building momentum.