On the daily chart, we can see that BTCUSD sold off from the 48177 resistance all the way back to the 40000 support. At some point, the price broke below the support, and it looked like we could get a major breakdown, but the price reversed soon after and left behind a fakeout, which is generally a reversal pattern. The buyers should now be targeting the resistance again while the sellers will want to see another break below the support to gain more conviction for new lows.