After a recent decline below $38,000, the price of Bitcoin again resumed upward movement. For 24 hours, Bitcoin practically restored what it lost the day earlier. At the time of publication, Bitcoin is traded above $39,000.
On an hourly chart, the BTC/USD pair once again proved that the level of 38000 provides strong support. The current recovery helped the BTC/USD pair rise above 100 hourly moving average, which provides support in the 39,350 area. In the case of a new decrease, the BTC/USD pair will receive support in the 38,700 area.
It is worth noting that a triangle is forming on the hourly chart, which supports a pair of BTC/USD around 39,400 and gives resistance in the 39,900 area. If the BTC/USD pair overcomes the upper limit of the triangle, it will continue to move to the area of 40,600. Here the BTC/USD pair will meet strong resistance. The movement above this level will allow the BTC/USD pair to climb to the 41,400 area.
