The price of Bitcoin continues its recovery, which began on Monday. And if the first attempt to rise above $41000 was unsuccessful, the second one turned out to be more successful. The price managed to rise above $41000, overcome the resistance in the 41500 area and approach $42000. At the time of publication, the BTC/USD pair is trading near 42800.
On the 1-hour chart, the BTC/USD pair has begun to form an uptrend. The uptrend line is supporting the pair around 40900. The BTC/USD pair was also able to rise above the 100-hour moving average, which gives support the BTC/USD pair near the 40500 area. In the current situation, to continue ascending, the BTC/USD pair should rise above the nearest resistance at 41800 and stay above it. This will allow the bulls to accumulate strength to push the BTC price above the next resistance at 42500. Further movement above this level will allow the BTC/USD pair to approach the support around 43200.
If the strength of the bulls runs out and they allow the BTC price to fall below $41500, we will see another stage of correction. In this case, the pair will be able to meet support in the range of 41000-40900. Further, the BTC/USD pair will receive support in the form of the 100-hour moving average in the 40500 area. A breakdown will increase pressure and send the BTC/USD pair to the 40000 area.
Analysts do not exclude that the BTC/USD pair may fall below this level. The 40000-37000 range is the BTC price range in the critical accumulation phase of the cryptocurrency. Accumulation in this range began in March of this year.