The end of July turned out to be successful for Bitcoin. Bitcoin price has shown steady growth and managed to rise above the mark of $42000. But the beginning of August turned out to be a failure. The price lost one support level after another daily until it hit a low of $37481 yesterday. After that, the bulls took the initiative and were able to raise the price of Bitcoin above the level of $38000. Moreover, the bulls managed to come close to the level of $40000, but failed to rise above.
Today we see a bearish picture again. The BTC/USD pair is trading in the area of $38130 at the time of publication.
As a result of the decline, the BTC/USD pair formed a descending channel on the 4-hour chart. This channel caps the pair at $39000 from above and maintains around $36200. Since the BTC/USD pair failed to rise above the resistance level of $40000, we expect the bearish movement to continue towards $38000. If this time the bulls do not hold the bears at this level, the BTC/USD pair could drop to the area of $37500.
In the current situation, the bulls are unlikely to be able to raise the price to $40000. Immediate resistance is now around $39000.