Bitcoin is consolidating above the $39,250 support zone against the US Dollar. BTC could recover if it manages to clear the $40,250 resistance zone. Bitcoin retested the $39,250 support zone and found a strong buying interest. The price is still trading below $41,000 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a short-term recovery if there is a move above $40,250. Bitcoin Price Remains Supported Bitcoin price attempted an upside correction above the $40,000 level. BTC climbed above the $40,400 level, but the bears remained active. It seems like the price struggled to stay above the 23.6% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low. A high was formed near $40,800 and the price started another decline. There was a break below the $40,000 level, but the bulls again defended the $39,250 zone. It is now consolidating near the $40,000 level, but it is well below the 100 hourly simple moving average. An immediate resistance on the upside is near the $40,250 level. There is also a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair. A clear move above the trend line could send the price towards $40,800. The next resistance could be near $41,250. It is close to the 50% Fib ret...
