Bitcoin is holding onto its strong weekly gains as the number one cryptocurrency continues to consolidate above the psychological $40,000 level. Further gains towards the $43,000 or $45,000 levels are possible why the price trades above the $40,000 level. A loss of the $40,000 support level could cause a short-term sell-off towards $38,500, although dip-buyers may be lurking around that area.
The BTCUSD pair is only bullish while trading above the $40,000 level, key resistance is found at the $41,000 and the $43,000 levels. If the BTCUSD pair trades below the $40,000 level, sellers may test the $38,500 and $37,500 levels.