At the time of writing, BTC/USD is hovering at $39,136 as the king coin stays below the 9-day and 21-day moving averages.
Looking at the daily chart, the Bitcoin price is currently on the negative side, and the coin is ready to cross below the lower boundary of the channel.
On the upside, a sustainable move above the 9-day moving average could be located at $40,500, which may allow for an extended recovery towards the resistance levels at $44,000, $46,000, and $48,000.
However, the Bitcoin price is likely to return to the positive side if the price breaks above the upper boundary of the channel.