After the bulls managed to bring the price of Bitcoin back above $42000, the price of Bitcoin became stable. The bears did not allow the price of Bitcoin to rise above $44000 and sent it to the 43000 area. Over the weekend, the BTC/USD pair traded in this area, not trying to make sharp movements in one direction or another.
However, the pair outlined for itself the levels of support and resistance, 42500 and 43500 respectively. However, it is worth noting that the pair has begun to form a narrowing triangle with support around 42500 and resistance around 43000. Thus, the 42500 level provides strong support for the BTC/USD pair.
At the time of publication, the BTC/USD pair is trading in the area of 42600, below the 100 hourly moving average. If the bears manage to break through the support of 42500, this will allow them to lower the price to the area of 41800.
On the other hand, if the bulls decide to start a new rally, they will face immediate resistance in the area of 43000-43200. A breakdown of this area will push the BTC/USD pair to the 43500 area. However, we do not expect an easy pass here. Most likely, the bulls will get stuck here. If they manage to overcome this level, we expect a rise to the area of 44000.
