Reasons for a further decline in the price of Bitcoin:
As you can see, the price is already trading under the moving averages, which tells us that bears dominate in the 20-day distance. (the longest moving average of the three has a period of 120)
You can also see that the price is moving in a downward channel, which means that those market participants who rely on dynamic resistance levels will tend to sell.
We have updated the local minimum from October 28 (marked with a gray tick), which opens the way to the minimum from September 29 (marked with a red tick), this is an area of $40k
Reasons for Bitcoin's growth:
If you pay attention to the MACD indicator, you can see that divergence is already forming (the price is updating the lows, but not the indicator) - this is usually a prerequisite for a reversal.
The renewal of the November 21 high will break the current downtrend (marked with a black tick ) and this may activate additional demand, especially in light of the fact that not so long ago an all-time high was set (marked with a blue tick ) and a slight pullback is quite natural.
The mood of euphoria has changed to fear if we pay attention to the fear index. At the time of writing, the "Crypto Fear & Greed Index" is at 32, which is good.