The bears are strong enough to keep the price of Bitcoin below $48000. At the beginning of the week, we observed a bearish correction, which turned into a real sale within two days. On September 20, Bitcoin fell by almost $4500. And yesterday, the price of Bitcoin hit a September low, dropping to 40179.
The bulls were able to keep the price above 40000 and brought it back above $42000 pretty quickly.
On the 4-hour chart, the BTC/USD pair continues to trade in a downtrend that began to form on September 7. In the current situation, the BTC/USD pair will meet immediate resistance around 42500. To begin the recovery, the pair must overcome this level. After breaking this level, the BTC/USD pair will face new resistance around 43000. A successful break above this level will send the pair to the area of 45000.
If the bears do not let the price above the level of 42500, we will see a decline in the area of the 41000 resistance level. A downside break could trigger a new decline towards 40000 or even 39500.
Now the analysts advise being careful. They advise refraining from buying until the Bitcoin price returns above $45000. And in case of a decline below $40000, the bearish potential will increase.