A couple of days ago, the price of Bitcoin had the chance to retest the level of 45000 and gain a foothold above it. But today, we are witnessing a completely different scenario. Today, the BTC/USD pair is struggling to stay above $40000. At the time of publication, the BTC/USD pair is trading around 40700.
If Bitcoin does not hold above $40000 in the next few hours, tomorrow we can see the Bitcoin price pullback to $38000.
On the 4-hour chart, the BTC/USD pair fell below the uptrend line. However, the fall accelerated earlier when the pair fell below the 100-hour moving average. In the current situation, the BTC/USD pair can get support around 40350. A movement below this level will send the BTC/USD pair to the crucial level of 40000. A breakdown of the support level will provoke a decrease in the price of Bitcoin to the area of 38800.
On the other hand, if the pair manages to hold above the level of 40300, the bulls will try to push the price closer to the resistance level of 41000. However, in case of success, the pair will face new resistance around 41600. The break of this level will help the BTC/USD increase to the area of 42750.