There was also a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair.
Bitcoin price even climbed above the 23.6% Fib retracement level of the key decline from the $40,349 swing high to $37,399 low.
The 50% Fib retracement level of the key decline from the $40,349 swing high to $37,399 low is also near the $38,800 zone to act as a resistance.
If bitcoin fails to clear the $39,000 resistance zone, it could start a fresh decline.
A clear break below the $38,000 support zone could even push the price below $37,500.
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