Following its crash from the $43,000 top on Thursday, Bitcoin’s downward spiral has eased off under the $40,000 mark as the benchmark cryptocurrency falls into an aggressive sideways pattern amid minuscule trading volume .

The cryptocurrency has held firmly under the $40,000 mark and above the $39,000 support since Friday despite trading conditions returning to bearish territories. With the prevailing momentum, achieving the $50,000 April target might no longer be possible, considering the number of barriers to scale.

While the bearish momentum might have calmed, BTC could record a leg down to $38,5000 in the near term if the consolidation ensues longer. As such, the flagship cryptocurrency needs a break above the $41,000 level, where the 100 EMA resides, to negate the emerging bear flag .

Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $39,000, $38,500, and $38,000.

Total Market Capitalization: $1.84 trillion

Bitcoin Market Capitalization: $754.3 billion

Bitcoin Dominance: 40 .9%

Market Rank: #1