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.

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