Bitcoin has started the week with a strong recovery tone after breaking past the $38,750 resistance barrier on Monday. Bulls need to hold the price above the $38,750 level to maintain a breakout from an inverted head and shoulders pattern across the lower time frames. Failure to hold the price above the $38,750 level could result in the BTCUSD pair testing towards the $35,000 price area.
The BTCUSD pair is only bullish while trading above the $38,750 level, key resistance is found at the $42,000 and the $43,000 levels.
If the BTCUSD pair trades below the $38,750 level, sellers may test the $37,000 and $35,000 levels.
