Bitcoin Recovers Above $40K Support – Quick Technical Outlook – Forex News by FX Leaders

Bitcoin has continued to fall below the $39,000 level against the US dollar, BTC found support near $38,550 and began a strong recovery wave.

On the hourly timeframe of the BTC/USD pair, there was a break above a major bearish trend line with resistance near $40,220.

Bitcoin is currently trading above $40,000 and above the 100 hourly simple moving average.

It is approaching the recent increase’s 23.6 percent Fib retracement level from the swing low of $38,570 to the high of $41,334.

To begin a strong upward move, the price must break through the $41,500 level.

If Bitcoin fails to break through the $41,500 resistance mark, it may begin a new downtrend.

It is close to the 50% Fib retracement level of the recent rise from the $38,570 swing low to the $41,334 high.

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