Bitcoin (BTC/USD) daily chart

The price is now down 1.6% on the day to $39,100 and threatens a much steeper drop below the $40,000 mark. This comes as we are seeing a test up against its 100-day moving average (red line) of $39,230 and a break of that will see sellers exert more control over the latest downside run in Bitcoin.

As it turns out, the high in Bitcoin comes right as the ETF was launched and on its first day of trading. Since then, it has been a real drag as the buy the rumour, sell the fact playbook takes over. The question now is, how low can this go?

The ETF story has been a major disappointment to say the least and now that is put aside, what exactly is the spark for the next move higher? This looks like it can get a lot uglier before it gets any better.