Bitcoin managed to win back the losses it received last week. Today, the price of Bitcoin reached a high of 43,000 but failed to break through this level. At the time of publication the BTC/USD pair is trading in the 42500 area.
Thanks to the growth, the BTC/USD pair managed to overcome the resistance levels of 41500 and 42000. It allowed the BTC/USD pair to gain a foothold above 100MA.
In the 4 hours chart, the BTC/USD pair is forming an uptrend line that provides support around 41800. If the gains continue, BTC/USD will try to rise above the next resistance level at 43000. A move above this level will allow the BTC/USD pair to ascend to the 43250 area. Breaking this level will send the pair to the 43800 area.
If the bears seize the initiative and take the BTC/USD pair below 42000, the decline may intensify, and the pair will drop to the 41250 area. Breaking this level will send the BTC/USD pair to the 43800 area.
It is worth noting that despite the bearish correction, the BTC/USD pair continues to trade in an upward price channel. And analysts suggest testing the upper boundary of the price channel shortly. The upper limit of the price channel is around 50,000. Thus, the possibility of BTC price returning to 50,000 should not be ruled out.