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The post <a href="https://coinpedia.org/price-analysis/markets-down-by-over-15-bitcoin-price-below-41000-is-this-the-right-time-to-get-it/">Markets Down by over 15%, Bitcoin Hovering Around $41,000-Is This the Right Time to Get it?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
In a shocking update, Terraform Labs filed for bankruptcy protection plunged the prices of LUNA and LUNC by over 5%. Meanwhile, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> was speculated to undergo a bearish reversal, with the technicals pointing towards the south. Therefore, negative sentiments have fueled the descending trend, which may further transform into a bearish trend with the BTC price losing support at $40,000. 
Will the Bitcoin price trigger a rebound, or could negative sentiments prevail, leading to a prolonged descending trend below $40,000? If it does so, is this the right time to buy BTC? 
The BTC price has conducted its weekly close and unfortunately failed to close above the previous week’s levels at $41,700. The token has recorded a bearish close for two consecutive weeks, forming a bearish shooting star and a bearish spinning top. These candlestick patterns have raised many concerns, and if BTC bulls fail to defend the support, the price may even drop to $35,000. 
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The weekly chart of Bitcoin shows the price is stuck between major resistance and support levels at $41,913 and $40,741, respectively. In terms of support, $40,000 is acting as strong support, with $37,000 as the first line of defence and $30,000 as the second one. With the weekly RSI following a descending trend, more price corrections are expected to follow. Despite the volume continuing to remain low, bearish activity has increased heavily.&nbsp; 
Any future trades may be extremely risky at the moment, as a potential pullback can only revive long trades. If the bulls fail to hold the support at $40,000, which is likely, the BTC price could plunge another 10% to enter the support zone between $36,189 and $34,684. This can be considered the last line of defence, and a steep drop below $30,000 may be expected if the price breaches the zone.&nbsp; 
However, a rebound from the pivotal support zone may eventually differ from the bearish trajectory for a while, as only a huge influx of buying volume can elevate the Bitcoin (BTC) price above the bearish influence.

Markets Down by over 15%, Bitcoin Hovering Around $41,000-Is This the Right Time to Get it?

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