Yesterday, the bulls were able to repel the first attack of the bears and return the price of Bitcoin above $40000. But with the beginning of the American session, the bears again tried to send the price of Bitcoin below $40000. As a result, the BTC/USD pair reached a low of $38285. As a result, at the time of publication, the BTC/USD pair is trading around the level of 40000.
Bloomberg analysts believe that having reached a low below $40000, the price of Bitcoin has bottomed out. The ability of the bulls to bring the price of Bitcoin back above $40000 for the second time suggests that this level provides enough support at this stage.
Now Bitcoin will consolidate, and this phase may drag on for a long time. Given the high share of profitable BTC addresses, it is unlikely that investors will try to quickly push the coin up. Bulls need time to gather their strength. Thus, it can be assumed that Bitcoin will calm down for a while.
In the current situation, the BTC/USD pair will meet the nearest resistance in the area of 40250. A movement above this level will indicate further price growth in the 40600 area. The next resistance maybe around 41250.
If today the bears try again to bring the price of Bitcoin below $40000, and this time successfully, we will see active decline. In this case, the BTC/USD pair will drop to the support area of 39600. A move below this level will send the BTC/USD pair to the next support area of 39250.