TA: Bitcoin Recovers Losses But Here’s Why $41.5K Could Prevent Gains

Apr 19, 2022 04:00 am Cryptocurrency 150

Bitcoin extended decline below the $39,000 level against the US Dollar. BTC found support near the $38,550 zone and started a strong recovery wave.

Bitcoin extended decline below the $39,250 and $39,000 levels before it found support.

The price is now trading above $40,000 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $40,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must clear the $41,500 resistance zone to start a major upward move.

Bitcoin Price Still Faces Hurdles

Bitcoin price followed a bearish path below the $40,000 level. BTC even traded below the $39,200 support and declined to a new weekly low.

It spiked below $39,000 and traded as low as $38,570. Recently, it started a strong recovery wave and climbed above the $40,000 resistance zone. There was a break above a major bearish trend line with resistance near $40,220 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $40,000 and ..

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