FX.co ★ Bitcoin challenges major short-term support.

Bitcoin is trading once again below $40,000. Price has formed a bearish flag pattern and price is now challenging key short-term support.

Black lines - Bearish flag pattern

Bitcoin is trading just above the green support trend line. Bitcoin is also close in activating the bearish flag pattern. Failure to hold above $39,000 could lead price to a move towards $32,000-$30,000. Resistance is at $43,000. Bulls need to recapture this level in order to avoid the chances of a deeper pull back.