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:
<ul>
 	<li style="font-weight: 400">BTC price shows a higher price rejection from the $40K mark. </li>
 	<li style="font-weight: 400">The bearish aligned EMAs maintain a falling downtrend. </li>
 	<li style="font-weight: 400">The 24-hour trading volume of Bitcoin is $35.91 Billion, marking a 3.82% rise. </li>
</ul>
<h2>Past Performance of BTC</h2>
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. 

<img src="https://s3.tradingview.com/snapshots/m/mJiPrmFE.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/mJiPrmFE/">Tradingview</a>
<h2>BTC Technical Analysis </h2>
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 dips lower to reach the oversold boundary after surpassing the 14-day average. 

Hence, the technical indicators display a rise in the underlying bullishness.

In a nutshell, the BTC technical analysis forecasts a potential downtrend despite a short bullish recovery. 
<h2>Upcoming Trend </h2>
As the sellers overtake trend control, the BTC prices reinstate a downtrend with the breakout of $40K. Hence, a further downtrend can reach the next support level of $35K. 

On the other hand, a recovery above the $39.5K will put the bulls back in action.

Resistance Levels: $40K and $45K

Support Levels: $35K and $30K

&nbsp;

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. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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

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