Bitcoin Probes Key Price Support Below $3.9K After Range Breakdown

View Bitcoin fell below $3,920 yesterday, as expected, confirming a short-term bullish-to-bearish trend change.

A break below the 30-day MA, if confirmed, would strengthen the case for a deeper drop toward the key support levels lined up at $3,775 and $3,658.

Bitcoin is on the defensive after briefly falling below $3,900 at around 07:00 UTC this morning.

Further, BTC closed yesterday below $3,920, reinforcing the bearish outside reversal candle created on March 21.

The repeated failure to scale $4,000 in a convincing manner followed by the drop below $3,920 validates the bearish view put forward by the historically strong resistance of the downward sloping 21-week moving average.

As a result, the cryptocurrency risks falling below the 30-day MA, currently flatlined at $3,883, in the short-term.

A break below $3,883 could further strengthen the bear grip around the cryptocurrency.

As seen on the 4-hour chart, BTC has found acceptance below the 100-candle MA support, having dived out of the sideways channel yesterday.

On the daily chart, BTC has breached the ascending trendline and the 5- and 10-candle MAs have produced a bearish crossover, validating yesterday's bearish close below $3,920.

The previous three-day candle closed below $3,920 - the low of the preceding doji candle - confirming a bearish reversal.