It appears that a large portion of holders have taken profits at 40K. The resulting price drop has managed to find liquidity to rebound, yet this rebound has failed to produce a momentum that can reach new ATH. BTC is now showing an hourly bearish flag and is likely to test lower with a very volatile panic slide.
BTC crossed the 100 day Bollinger (4 Std Dev) at the 40K mark. Further suggesting a sell-off region has been reached.