This week has been tumultuous enough for Bitcoin. The price of Bitcoin started the week at 38,400, the next day the BTC price approached 41,000. Then the BTC price fell again to the 38,000 area. Yesterday it again rose above 40,000. Today Bitcoin is again trading in the 39,000 area.
In the current situation, the 38,000-37,000 area has become an important support area for the Bitcoin price. If the price of Bitcoin falls below this area, there is a risk that the price of Bitcoin will fall toward 30,000. On the other hand, above 40,000, the price of Bitcoin will face strong resistance.
On the hourly chart, the BTC/USD pair broke down the uptrend line. This line provided support in the 39,800 area. Now the BTC/USD pair has received immediate support in the 39,000 area. A decline below this level will send the BTC/USD pair to the 38,400 area.
If the bulls manage to hold the situation, the BTC/USD pair will meet with the nearest resistance at around 40,000. The next key resistance could be near the 40,250 area. A move above this level will increase the chances of the BTC/USD pair reaching 41,000.
