Bitcoin has moved back above the psychological $40,000 level after a massive head and shoulders pattern played out to the downside on Wednesday. BTCUSD bulls are now back in control above the trend of the pair defining 200-day moving average. We could see the BTCUSD pair rally back towards the $44,000 resistance level if bulls are able to close the daily candle above the 200-day moving average.
The BTCUSD pair is only bullish while trading above the $44,000 level, key resistance is found at the $45,000 and the $46,000 levels. If the BTCUSD pair trades below the $44,000 level, sellers may test the $36,000 and $35,000 levels.