Bitcoin is correcting losses and trading above $39,000 against the US Dollar. BTC could gain bullish momentum if it clears the $40,000 resistance zone.

  • Bitcoin is slowly recovering and trading above the $39,000 zone.
  • The price is trading above $39,200 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might accelerate higher and could even surpass the $40,000 resistance zone.

Bitcoin Price Starts Correction

Bitcoin price extended decline below the $38,000 support zone. However, BTC found support near the $37,150 zone and started a decent recovery wave.

A low was formed near $37,159 before the price corrected higher. There was a move above the $38,000 and $38,500 resistance levels. The price was able to climb above the 76.4% Fib retracement level of the downward move from the $39,545 swing high to $37,159 low.

Besides, there was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $39,200 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $39,545 swing high. The next major resistance is near the $40,000 level. If there is a clear move above the $40,000 resistance zone, the price might accelerate higher. In the stated case, the price could rise towards the $41,000 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 1.618 Fib extension level of the downward move from the $39,545 swing high to $37,159 low is…


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