The BTC/USD pair found strong support around 41000 dollars. The bulls were able to stop the decline in the price of Bitcoin in this area and start a new rise. Today the BTC/USD pair was able to rise above 42000 and 43000 dollars today. However, as it approached the level of 43500, the pressure on the price increased. As a result, the BTC/USD pair began a new correction. At the time of publication, the BTC/USD pair is trading around 43290 dollars.
Thanks to today’s rally, the BTC/USD pair was able to rise above the 100-hour moving average. And on the hourly chart, a “double bottom” pattern has formed.
The closest resistance level for the BTC/USD pair remains at 43500 dollars. Further resistance for the BTC/USD pair will be around 44350. A successful breakout of this level will send the BTC/USD pair to the area of 45500. A close above $44000 will confirm the uptrend.
An unsuccessful attempt to rise above the level of 43500 could be the beginning of a new correction for the BTC/USD pair. In this case, the bulls will have to catch the BTC/USD pair near the resistance area of 42500. Major support is still around 40750 dollars.