Bitcoin price is under a strong sell pressure below the $4500 as it failed to recover above $4700. Currently trading at $4299 according to CoinGecko.
If sellers remain in action, the price could decline below $4000.
After seeing a small upside correction yesterday above the $4500 level against the USD, BTC/USD failed to break through the $4700 level. The price action has been considerably downtrend since after. The price is currently trading below the 100 hour SMA level and has also declined below the 61.8% Fibonacci retracement level.
If the sellers gain pace, the price might break the $4000 support level and drive the price considerably lower than $4000 towards the $3500 – $3200 range.
Bitcoin price was trying to recover above $4700 mark but experienced a major bearish pull which may result in the price falling below $4000.