The bitcoin price has now been stuck in the $40,500-$48,500 range for almost three weeks. After testing the $48,500 level the previous week, bitcoin fell to $42,000. Since then, it has struggled to recover and has traded in the $40,500-$45,000 range. The important support level has now been pushed down to $40,500. If bitcoin falls below that, the closest support is at $38,000.
Bitcoin’s closest support level from last week, $45,000, has now flipped to resistance. Bitcoin tried to break this level earlier this week. If a successful breakthrough happens now, the price could go up and test the next resistance at around $48,000. The $46,000-$48,000 level has been an important consolidation range both in August and September, so we might see bitcoin rest here for a while if able to break through $45,000.