The BTCUSD pair has moved back towards the $40,000 level, marking a $10,000 recovery from the early week pullback in the cryptocurrency. Technical analysis shows that Bitcoin could head towards $46,500 if a breakout above the $42,000 level takes place. To the downside, a rejection above the $40,000 level could cause bears to test back towards former resistance turned support, at $36,600.
The BTCUSD pair is only bullish while trading above the $36,600 level, key resistance is found at the $41,000 and the $42,000 levels.
If the BTCUSD pair trades below the $36,600 level, sellers may test the $34,000 and $33,000 levels.
