On Thursday, especially at the end of the Asian session, the bitcoin price is dealing with an avalanche of selling orders. In the four-hour timeframe, Bitcoin's price is hovering around $34,250, bouncing back and forth between two crucial technical levels: the 50 Simple Moving Average (SMA) support and the 100 SMA resistance. The technical prognosis is bearish in the immediate term. Bitcoin's price could rise above $40,000 in the near future.