Bitcoin Revisited $40K Again, Are Chances For ATH Piling Up?

Bitcoin revisited $40K again as the price managed to recover further and surge above the $38,000 resistance against the US dollar. The price is likely to surge higher in the next few days, as we are about to see more in today’s Bitcoin news.

BTC remained well bid and it managed to increase above the $38,500 resistance level with the price now trading nicely above the $38,500 level and the 100 hourly simple moving average. There’s a key contracting triangle that was forming near the resistance at $39,425 on the hourly chart of the pair and it seems that the pair could surge again if it manages to clear the $39,500 resistance level in the near-term.

After a break and move above $36,000, the BTC price started a strong increase and broke a couple of key hurdles near the $38,000 level to enter the bullish zone. The price gained pace and managed to break the $39,200 resistance and it even spiked above $40,000 while settling above the 100 hourly simple moving average when a new high was formed above the $40,212 level and the price consolidated its gains. The price corrected below the $39,200 levels and a new low was then formed near the $38,052 level with the price forming a breakout pattern. It climbed above the 50% fib retracement level from the recent drop at the $40,212 high to $38,052 low.

It seems that there’s a key contracting triangle that was forming with resistance close to the $39,425 level on the hourly charts of the pair with the triangle resistance closing the 61.8% Fib retracement level of the hourly decline from the $40,212 high to the $38,052 low. If there’s a clear upside break above this resistance level, the price could manage and clear the $40,000 level with bitcoin’s price aiming above the $40K level and hitting a new all-time high.

If BTC fails to clear the triangle resistance at this level, there’s another risk of a drop with initial support nearing the $38,500 level. A downside break below these levels could push the price towards $36,000 in the near-term despite the fact that Bitcoin revisited $40K again. The hourly MACD for the pair is losing momentum in the bullish zone while the hourly RSI for the pair is moving lower in the 50 level.