Over the past 24 hours, BTC has regained some decent upward traction as it returns to the $39K area amid a market-wide recovery. However, the benchmark cryptocurrency appears to be struggling with the $39K resistance and has now dropped to the $38.5K support. This mild correction comes after a prolonged consolidation under the $39K resistance.

That said, the current candle could represent the start of a bearish move considering the ongoing formation of a bear flag on the hourly chart. If BTC fails to hold the mentioned support level over the coming hours, we could see a bearish move to the $37.5K base in the near term.

Meanwhile, my resistance levels are at $39,000, $40,000, and $41,000, and my key support levels are at $38,500, $38,000, and $37,000.

Total Market Capitalization: $1.72 trillion

Bitcoin Market Capitalization: $729.6 billion

Bitcoin Dominance: 42.2%

Market Rank: #1