Bitcoin (BTC) Prices Retest Critical Support Level as Bears Dominate

• A move beyond $40,000 is still possible, even though the collapse was less dramatic.
• Bitcoin has been down 1.06% in the last 24 hours.

The fallout from the 3-months-old ascending channel hints about a further decline in Bitcoin BTC). After a successful retest of the breach resistance trend line, the coin price has fallen below the $40,000 support level. However, an RSI chart with a positive divergence casts doubt on the validity of a breakdown. The Bitcoin (BTC) price has been oscillating in an ascending channel of an inverted flag pattern for the last three months. BTC’s price was the target of a massive sell-off on April 6th when it experienced a $45,000 fake-out.

Bears Domination

A massive fall from the inverted flag pattern occurred on April 11th as sellers continued to pressure the coin price. The price of Bitcoin has now twice challenged the flipped resistance trend line after almost two weeks of retesting. It seems that traders are selling at greater levels.

A move beyond $40,000 is still possible, even though the collapse was less dramatic. According to Material Indicators’ data, bids below the current spot price have been shrinking, but the $40,000 resistance level has not been broken. Analyst Crypto Rover is bullish on Bitcoin’s upward trajectory, as he says it is every Sunday.

Sunday’s presidential elections in France drew the most attention outside of technical signs. Warnings about a market response to the election of Marine Le Pen as president even though President Emmanuel Macron is poised to win a second term in office. According to CMC, the Bitcoin price today is $39,478.99 USD with a 24-hour trading volume of $15,255,466,099 USD. Bitcoin has been down 1.06% in the last 24 hours.