On March 1st, the Bitcoin ( BTC ) buyers failed their fourth attempt to overcome the $45K in the last two months. An evening star pattern at this resistance suggested the sellers continue to defend this level with all their might.

The follow-up downfall has breached the $40K psychological level, escalating the selling momentum. After spending a day to retest this flipped resistance, the coin price turns red today, exchanging hands at $38K.

The BTC chart shows that the coin has lost 18% in the last four days. The sufficient volume activity on the seller’s side suggests the coin would soon visit the $36K monthly support. If sellers breach this support level as well, the bitcoin traders can expect another 8.5% fall, retesting the January low at $33000.

On a contrary note, if the shared support of $36K and traditional pivot level(S1) bolster the buyers to regain control from the bears. Then, the coin price would surge higher to rechallenge the $45000 barrier. This formidable resistance is crucial for buyers to initiate a genuine recovery.

Resistance level- $40K, $45K
Support level- $36K, $33K
Technical indicator
The recent reversal has slipped the BTC price below the(20, 50, and 100) EMAs. Moreover, a bearish alignment among these EMAs indicates a bearish tendency.