Over the weekend, the BTC/USD pair showed a decline to the area of 35000. The 35000 mark provided enough support for the BTC/USD pair and did not allow a further price decline. After Elon Musk posted a tweet that Tesla could resume selling cars for Bitcoin, the cryptocurrency received an impulse and began to grow. The BTC/USD pair managed to rise above the level of 38000, which previously provided enough resistance. Over the past week, the pair has tried unsuccessfully to overcome this mark several times. The BTC/USD pair even peaked at $39838 but dropped to $39100 at the time of publication.
Thanks to today's rally, the BTC/USD pair was able to rise above the 100-hour moving average again. And the movement above 39000 suggests that now the 38000 resistance level has turned into the nearest support for the BTC/USD pair.
To continue to rise, the BTC/USD pair needs to end the day above the level of 39200. If it manages to do this, it will continue to rise to the area of 40000. Above this level, we will see bulls activating and continuing to rise to the area of 50000. However, to overcome the mark of 40000, it is necessary to accumulate a lot of volumes as this level provides strong resistance.
If the BTC/USD pair fails to complete the day above the 39200 levels, we do not rule out a new correction. In this case, support is around 36800. The 38000 level provides good support for the pair right now. A decline below the support level of 38000 could push the pair towards the 100-hour moving average, 37000.