Bitcoin - Analysis

The price of BTC has formed a price floor above $ 38,000, which can be considered a price recovery. As we have seen, the resistance levels of $ 38,400 and $ 38,500 have been broken.
The price even reached 39,500, but the sellers dropped the price to 39,600. It is currently trading at around $ 39,300 and a 100-hour moving average.
During this period, an uptrend line has been formed with the support of $ 39220 in the hourly chart. At the top, its closest resistance is in the $ 39,600 range, Which Bitcoin is currently involved in.
The 61.8% Fibonacci level is close to $ 39,609. The next key resistance is in the $ 40,000 range. A close above the 39609 level and a simple 100-hour moving average could be a good start to the price increase, in which case there is a possibility of crossing the 40,000 resistance. Also, after that, the next resistance is around $ 40,780.
But if Bitcoin fails to cross the $ 39,600 resistance level, we will see its price fall. Its first support is in the $ 39,250 range. The next important support is $ 39,200, the break of which could be the beginning of another price drop. If this happens, the price could fall to $ 38,400.
Also, keep in mind that the RSI is above the 50 levels, and the MACD is losing momentum in the uptrend range.