TA: Bitcoin Price Eyes Another Key Upside Break Above $41.5K

Bitcoin started a fresh increase above the $40,000 resistance against the US Dollar. BTC remains supported and might rally again above the $41,500 resistance. Bitcoin reclaimed the $40,000 level and might continue to rise. The price is trading above $40,200 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might correct lower, but the bulls might remain active near the $40,000 zone. Bitcoin Price Remains Elevated Bitcoin price spiked towards the $41,500 level before it faced sellers. BTC reacted to the downside and even dived below the $40,000 level. However, the bulls were active near the $39,000 zone and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USD pair. A low was formed near $39,300 and the price started a fresh increase. There was a clear move above the $40,000 resistance zone. Bitcoin even climbed above the $40,800 level. It is now consolidating near the $41,000 resistance zone. There was a test of the 23.6% Fib retracement level of the upward move from the $39,308 swing low to $41,470 high. Source: BTCUSD on TradingView.com On the upside, the price is facing resistance near the $41,200 level. The next major resistance could be near the recent high or $41,600. A clear move above the $41,...