Bitcoin (BTC) declined from the $40,000 resistance level during Asia hours. The short-term uptrend appears exhausted, although lower support near $34,000 could stabilize the pullback into the weekend.
The intermediate-term downtrend is in effect, defined by lower price highs since April. Buyers have consistently taken profits at resistance levels, although there has been a significant loss of downside momentum since the May low around $30,000.
Bitcoin was trading around $38,800 at press time and is down 3% over the past 24 hours.