TA: Bitcoin Attempts Fresh Increase, Why Upsides Remain Capped

Bitcoin attempted a fresh increase above $39,500 against the US Dollar. BTC is still facing a strong resistance near $39,800 and $40,000. Bitcoin spiked above $39,500, but it failed to clear the $40,000 resistance zone. The price is trading near $39,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $39,800 and $40,000 resistance levels to start a fresh increase. Bitcoin Price Faces Hurdle Bitcoin price started a recovery wave above the $38,200 resistance level. BTC even spiked above the $38,500 resistance level, but it faced a strong resistance. During the recovery, there was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USD pair. The pair climbed above the $39,800 level and the 100 hourly simple moving average. However, it faced a strong resistance just below the $40,000 level. A high was formed near $39,899 and the price corrected gains. There was a move below the $39,500 level. Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $37,593 swing low to $39,899 high. It is now trading near $39,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $39,550 zone. The next major resistance could be near the recent high or $39,900. The main breakout...