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Bitcoin was glutted with gains earlier after sellers responded to overbought conditions on the charts. Resistance between $44,000 and $46,000 has capped the upside move over the past month, which has contributed to lower prices.
BTC has dropped 7% in the last 24 hours. A drop in support at $38,000 and $40,000 could stabilize the current Asian trading day pullback.
The Relative Strength Index (RSI) is oversold on the four-hour chart, similar to the one that occurred on Feb. 3, which preceded a 20% jump in prices. However, this time the $46,000 resistance level could keep active sellers on their way to stronger support at $30,000.
In addition, a series of higher price lows since January 24 have been broken on the intraday charts, signaling a loss of upward momentum.