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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