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As bitcoin breaks below $40,000, chart analysts don't see support for the price until much lower

Bitcoin fell sharply after a sell-off of major U.S. stock indices. Bitcoin has been correlated closely to the price movement of the Nasdaq index.
Luke MacGregor  | Bloomberg | Getty Images

Bitcoin fell to its lowest point since August on Friday as the broader markets continued their monthlong sell-off in risky assets, and analysts say it could fall even lower still.

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