BTC Technical Analysis: Below $40K, BTC Drags Down The Market

As the BTC prices close under the $40K mark, the downfall continues with the triangle fallout after a retest, and a broader correction starts. Key technical points: BTC price shows a higher price rejection from the $40K mark. The bearish aligned EMAs maintain a falling downtrend. The 24-hour trading volume of Bitcoin is $35.91 Billion, marking a 3.82% rise. Past Performance of BTC After struggling for a bullish launch from the support trendline of the symmetrical triangle, the BTC prices succumb under bearish powers. Finally, the prices crack under the support trendline and retest the $40K fallout before resuming the downtrend. The 5% downfall in the last 24 hours made a bearish engulfing candle in the daily chart and put the entire market under the bearish influence. Source-Tradingview BTC Technical Analysis As the bearish pressure cools down, BTC prices show a tiny bullish growth today, attempting for a recovery. However, bears can overtake the trend control at any moment and continue the downtrend to reach the next support. The significant gap between the bearish aligned EMAs reflects a solid underlying bearishness that keeps the bullish growth under check. Hence, the falling EMAs play the act of providing dynamic resistance. MACD Indicator: The MACD and signal lines continue to fall in the negative territory with a failed bullish crossover attempt. RSI Indicator: The sideways trend in the nearly oversold zone gradually dip...