Bitcoin Price Eyes Recovery But Can BTC Bulls Regain Strength?

Bitcoin’s price is currently aiming to break above the $40,500 resistance level. However, there are potential hurdles ahead for BTC bulls, particularly around the $40,850 and $41,350 marks. Despite attempting a recovery wave from the $38,500 support zone, Bitcoin may struggle to establish itself above the $40,400 and $40,500 resistance levels. Immediate resistance can be found near $40,250, with a crucial bearish trend line forming at that level. If Bitcoin fails to surpass the $40,380 resistance zone, it could experience another decline, with immediate support around $39,420. The next major support level is at $38,500, and a close below that could give the bears momentum and push the price towards the $37,000 support level. Traders are advised to conduct their own research and exercise caution when making investment decisions.