Bitcoin price is trading in a positive zone above the $40,000 level against the US Dollar.
Bitcoin started a fresh increase after it broke the key $38,500 resistance zone.
There were two attempts to gain strength above $41,000, but the bulls failed.
A low is formed near $39,476 and the price is now consolidating in a range.
There is also a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC/USD pair.
A close above $41,200 level is likely to stage a move towards the $43,500 level.
If bitcoin fails to clear the $41,200 resistance, it could start a downside correction.
The first major support is near the $39,80 level and the triangle lower trend line.
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