$BTCBitcoin Price Analysis:

The Daily Chart,📢📢📢📢

The daily chart shows that the price has broken past the $37,500 and $40K resistance levels since the beginning of November. However, it seems that the market is slowing down, as the price has been acting bearish since the start of this week.

The $40K level is currently being tested, and a breakdown would lead to a potential drop toward the $37,500 area and even the distant 200-day moving average, located around the $31K mark. The Relative Strength Index has also demonstrated a clear bearish signal by dropping below the overbought region.

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Nevertheless, BTC’s price has started to recover in the past few hours and it’s interesting to see how far this recovery can go.