The price of Bitcoin plummeted below $40,000 on Monday, while other cryptocurrencies saw losses, according to Coingecko data.
BTC is trading extremely close to two long-term support levels but has not yet demonstrated any bullish reversal indicators.
This comes as investors remain wary of the situation in Ukraine and the possibility of a US central bank rate increase.
The global cryptocurrency market cap is $1.80 trillion, down 2.04 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 20.13 percent to $65.06 billion.
The 50-day and 100-day moving average lines crossed bullishly last week; nevertheless, Bitcoin was unable to maintain the bullish momentum and witnessed a price shakeout.
Later in the week, the price recovered and attempted to break above the moving average lines once more, but was swiftly rejected and fell below the $40,000 level.
During the week of April 18-24, BTC prices declined marginally. While the week began with an upward advance that resulted in a local high of $42,976, the price declined in the later part of the week, resulting in a protracted upper wick (red icon). This is interpreted as an indication of selling pressure.
BTC is currently trading considerably below the $42,000 mark. This is a critical long-term level that has served as both support and resistance intermittently since May 2021.