The bulls continue to recover the price of Bitcoin after falling to $35000. Over the past 7 days, the bulls managed to bring the price of Bitcoin back above the important resistance level of 38000. Moreover, the price of Bitcoin reached a high of 39115, but could not stay above the level of 39000.
Thanks to this rise, the BTC/USD pair was able to rise above the 100-hour moving average on the hourly chart. Also, the BTC/USD pair was able to form an uptrend line, which provides support for the pair around 37250.
At the time of publication, the BTC/USD pair is trading around 38330. To continue rising, the bulls need to lift and hold the price above 38800. A clear move above this level could push the price even higher. If successful, the BTC/USD pair will rise to the area of 39500. A move above this level will increase the chances of a return above 40000.
On the other hand, if the bears lower the price of Bitcoin to 38000, they will try to break this level down. In this case, the BTC/USD pair may start a correction to the area of 37750. A downward break below this level will push the price to the support area of 37000.
