TA: Bitcoin Recovers Losses But Here’s Why $41.5K Could Prevent Gains – NewsBTC

There was a break above a major bearish trend line with resistance near $40,220 on the hourly chart of the BTC/USD pair.

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

It is testing the 23.6% Fib retracement level of the recent increase from the $38,570 swing low to $41,334 high.

In the stated case, the price may perhaps rise towards the $42,500 resistance zone.

If bitcoin fails to clear the $41,500 resistance zone, it could start another decline.

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

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