BTCUSD D1 24-01

The chart pretty says it all. The downside pressure is persisting for Bitcoin (and that means almost all other cryptocurrencies), with the break below $40,000 last week the most notable thing at the moment.

That is leaving plenty of room for price to head down to retest the May to July 2021 lows of around $30,000 to $32,000 next.

The former in particular is a crucial psychological price point that will gather plenty of attention. If that breaks, it's pretty much looking like a nose dive back to "obscurity" for Bitcoin.