Bitcoin focuses on key upside breakthroughs, why the bulls are still in control

Bitcoin price remained in the positive zone above 39,000 USD against the U.S. dollar. BTC may further climb to USD 40,500 and above USD 41,000.

  • Bitcoin’s trading price is well above the $38,200 and $38,500 support levels.
  • The price is now well above $38,000 and the 100-hour simple moving average.
  • A key contracting triangle was formed on the hourly chart of the BTC/USD currency pair, with resistance at around 40,200 USD (data feed from Kraken).
  • If it breaks through 40,200 USD and 40,500 USD, the currency pair may gain bullish momentum.

Bitcoin price has more room to rise

Bitcoin price starts a new rise 36,500 USD support zone. BTC maintained a good bid above the level of 37,000 USD and rose above the level of 38,000 USD.

The price even soared above $40,000 and stabilized at 100 hour simple moving average. A high was formed near $40,930, and the price is now consolidating its gains. It corrected below the $40,000 support level.

There is a break below the 23.6% Fibonacci retracement level that moved upward from the swing low of 36,397 to the high of 40,930. It now remains at the support level of 39,000 USD. On the hourly chart of the BTC/USD currency pair, there is also a key contracting triangle formed, and the resistance is near 40,200 USD.

Source: BTCUSD on TradingView.com

If there is an upside break above the $40,200 resistance level, there may be more upside. The next major resistance levels are near 40,800 USD and 41,000 USD. A closing price above US$41,000 may trigger a steady rise to the level of US$42,000.

Bitcoin supports immersion?

If Bitcoin fails to break the resistance levels of $40,200 and $40,500, it may begin another downward correction. The initial support for the downside is near the $39,400 and the triangular downward trend line.

The first major support level is now close to the $38,600 area. It is close to the 50% Fib retracement of the upward movement from the swing low of $36,397 to the high of $40,930. A clear downside break below the $38,600 support level may require a move to the level of $37,600. The next major support is near the $37,200 level.

Technical index:

Hourly MACD – MACD may accelerate in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

The main support level is $38,600, then $38,000.

The main resistance levels-40,200 USD, 40,500 USD and 42,000 USD.

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