At the end of this week, Bitcoin has formed a V-shaped price chart. First, the BTC/USD pair began to decline from the area above $36000 and stopped only around $31700, from where it began to recover. At the time of publication, the BTC/USD pair has risen to the $37300 area. The pair came close to the $38000 mark but failed to test it.
Thanks to the recovery, the BTC/USD pair climbed above the 100-hour moving average.
In the current situation, the nearest resistance for the BTC/USD pair is at $37500, above which the price is likely to try to rise above $38500. The key resistance level is still around the $40000 level.
If the price fails to close above $37500 today, we may see another decline. In this case, the initial support is around $36000. A break below the $35000 level could bring the price back into a bearish zone.