Bitcoin has fallen below the psychological $40,000 support level, with the top cryptocurrency now trading at its weakest level since February this year. A bearish head and shoulders pattern is predicting that the BTCUSD pair could fall towards the $36,000 level before reversing. It is worth noting that the Relative Strength Index on the daily time frame is extremely oversold and is at its lowest since March 2020.
The BTCUSD pair is only bullish while trading above the $44,000 level, key resistance is found at the $46,000 and the $47,800 levels.
If the BTCUSD pair trades below the $44,000 level, sellers may test the $38,000 and $36,000 levels.
