Bitcoin attempted a fresh increase above $39,500 against the US Dollar. BTC is still facing a strong resistance near $39,800 and $40,000.

  • Bitcoin spiked above $39,500, but it failed to clear the $40,000 resistance zone.
  • The price is trading near $39,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $39,800 and $40,000 resistance levels to start a fresh increase.

Bitcoin Price Faces Hurdle

Bitcoin price started a recovery wave above the $38,200 resistance level. BTC even spiked above the $38,500 resistance level, but it faced a strong resistance.

During the recovery, there was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USD pair. The pair climbed above the $39,800 level and the 100 hourly simple moving average. However, it faced a strong resistance just below the $40,000 level.

A high was formed near $39,899 and the price corrected gains. There was a move below the $39,500 level. Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $37,593 swing low to $39,899 high.

It is now trading near $39,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $39,550 zone. The next major resistance could be near the recent high or $39,900. The main breakout resistance is still near the $40,000 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $40,000 resistance zone could open the doors…


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