After the price of Bitcoin reached its September low, it began a gradual recovery. The price gained support after it rallied above $42000 and began to rally more confidently. The BTC/USD pair managed to rise above $43000 and overcome the important resistance level of $44000.
On the hourly chart, the BTC/USD pair was able to climb above the 100-hour moving average thanks to a jump above $42000. The price also started to form an uptrend line. Thus, the BTC/USD pair overcame the important resistance in the form of the 44000 mark and the 100-hour moving average. This could be a signal for a price recovery. The next major resistance for the BTC/USD pair will be the 45000 mark. Above this level, the pair will go to the area of 47000.
If the bulls fail to keep the Bitcoin price above $44000, it will test the 42000 level again. A break below this level may start a new price decline. In this case, the price of Bitcoin may fall to the area of the September low.
However, it’s worth noting that the 40000 level is an area of high demand. And the price is unlikely to drop below $40000.