Bitcoin price settled below the $40,500 level to move into a bearish zone.
There is also a key bearish trend line forming with resistance near $39,500 on the hourly chart of the BTC/USD pair.
To start a strong upward move, the price must settle above the $40,500 zone and the 100 hourly simple moving average.
If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down.
The next major support is seen near the $38,800 level.
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