BTC formed a high near $40,029 and started a fresh decline.
There was a break below a key bullish trend line with support near $39,250 on the hourly chart of the BTC/USD pair.
On the upside, bitcoin price is now facing resistance near the $36,500 level.
The 23.6% Fib retracement level of the downward move from the $40,029 swing high to $35,407 low is also near the $36,500 zone.
The 50% Fib retracement level of the downward move from the $40,029 swing high to $35,407 low is also near the $37,500 zone.
If bitcoin fails to clear the $36,500 resistance zone, it could continue to move down.
The next major support is seen near the $35,500 level or the recent low.
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