Bitcoin drops below 1-hour 200-MA, falling channel noted

Bitcoin [BTC] prices fell below $4000 in early Asia and extended losses to trade below the 1-hour 200-MA level of $3941. 

Currently, the BTC/USD is trading around $3865 levels after having clocked a low of $3810. As per coinmarketcap.com, the currency has shed 4.86% in the last 24 hours. Volume on bitFlyer has gone up by 15.65%. 

The retreat from the record highs has been largely in line with our expectations. The sell-off may continue today, given the falling channel pattern has been established on the 1-hour chart.