Bitcoin drops quickly below $39,000
A quick drop for Bitcoin back under $39,000 now after testing waters just above $40,000 earlier in the day. Price is down 2% as buyers are starting to get exhausted after having run into key technical levels near the figure level throughout the week.
The risk here is that the failure to firmly break $40,000 and the 100-day moving average (red line) could see buyers lose faith and conviction to keep with the move higher in the past week. That could see sellers step in with a defined risk level to try and push the pair back down towards testing the bottom of the range near $30,000 again.