After March 27, Bitcoin’s price showed growth by almost $3000 within 24 hours though it leveled it on March 31. March 31, the BTC price returned to the starting point of March 27 in the area of $44500. Over the weekend, the price managed to recover a little, and today Bitcoin trades at around $46000.
Thus, the bulls managed to return Bitcoin above 45000 and, according to the 4-hour chart, push it in the range of 45700-46600.
On the 4-hour chart, the BTC/USD pair continues to form an upward trend. However, since the end of March, a triangle began to form. It supports the pair around 45700 but also limits it around 46800.
Thus, the level of 45700 provides the nearest support for the BTC/USD pair. In the case of a breakdown of this level, the BTC/USD may fall to the support area of 44500. Most likely, this level will save the pair from the further fall. The movement below this level will send the BTC/USD pair to the area of 43900.
If the bulls try again to raise the price, they will have to overcome the nearest resistance in the area of 46600. The successful breakdown of this level will increase the chances of overcoming the mark of 47000. The movement above this level will support the upward movement. In this case, the BTC/USD pair will try to overcome resistance in the area.
