Bitcoin continues to struggle with momentum into the end of the week, as the benchmark cryptocurrency approached the $40,000 barrier on Thursday.

The prevailing weakness in the cryptocurrency market is worsened by the strengthening dollar, which continues to break ceilings. A few hours ago, the dollar index ( DXY ) broke the 103.82 top of 2017 to hit a new peak of 103.93 since December 2002.

The $40,000 line is crucial for the near-term price action for BTC . A break and close above this level should stall the prevailing bearish trend and help the benchmark cryptocurrency re-emerge atop the $43,000 ramp.

However, failure to take the $40,000 level in the coming hours could trigger a fresh leg-down to the $37,000 low.

Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $38,500, $37,500, and $36,000.

Total Market Capitalization: $1.82 trillion

Bitcoin Market Capitalization: $755.5 billion

Bitcoin Dominance: 41.4%

Market Rank: #1