(BTCThe price of ) briefly flashed bearish during trading, which may have tempted some traders to open longs. However, it plummeted below $40,000 by evening trade hours. Let’s see what traders have to say about current price action.

Analysis of Bitcoin’s weekly price action was discussed by crypto trader and pseudonymous Twitter (NYSE:) user ‘Rekt Capital’, who Posted the following weekly chart noting that “Bitcoin is now hovering below the green 21-week and blue 50-week bull market exponential moving averages (EMA).”