At the end of April, the price of Bitcoin decreased by 20.78%. If at the beginning of April Bitcoin was trading at 45,400, then on the last day of April, the BTC price was $37,600. On the daily chart the BTC/USD pair was forming a downtrend during April. Thus, by the end of April investors’ optimism had practically dissipated. At the end of the month, the absolute losses of investors amounted to $808 million.
The beginning of the new month was relatively successful for Bitcoin. The BTC price stopped declining after hitting a low of 37,400. Over the weekend, the price of Bitcoin gained $1,000 and rose above $38,000. The BTC price even tried to reach the mark of 39000 but experienced enough resistance and left this attempt. Thus, the BTC/USD pair has identified the nearest resistance for itself in the 39,000 area. The formation of a candle above this level will allow the BTC/USD pair to continue the recovery that began this weekend. The BTC/USD pair will try to rise above the next resistance of around 39,450. A move above this level will allow the BTC/USD pair to ascend to the 40,000 area.
If the bulls fail to push the price of Bitcoin above 39,000, there is a risk of seeing the BTC/USD pair in the 38,400 area. A move below this level will send the BTC/USD pair to 38,000. A clear break below this level could even push the BTC price to the $37,500 area.