Bitcoin has accelerated above the $39,000 resistance level against the US dollar. BTC has even tested $40,000 and is expected to rise further in the near future. BITCOIN rose steadily above the $38,800 and $39,000 resistance levels. The price is now trading above the $39,000 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a break above a major bearish trend line with resistance near $38,475. Above $40,000 and $40,300, the pair may try for more gains.

Bitcoin’s Value Heads Higher

Bitcoin prices established a solid base above the $37,500 level. BTC began a steady rise and was able to break through the $38,500 resistance zone.

On the hourly chart of the BTC/USD pair, there was a break above a major bearish trend line with resistance near $38,475. The pair’s price settled above $39,000 and the 100 hourly simple moving average. Finally, a spike above the $40,000 resistance zone occurred.

The price has formed a high near $40,029 and is now consolidating gains. It is trading well above the recent wave’s 23.6 percent Fib retracement level from the swing low of $37,507 to the high of $40,029.

On the plus side, the Bitcoin price encounters resistance near the $40,000 mark. The next significant resistance level could be around $40,300. A break above the $40,300 resistance level could boost market sentiment. In the scenario above, the price could steadily rise to $41,000. The next significant resistance level is around $41,500.

Dips Accepted in BTC?

If Bitcoin fails to break through the $40,000 resistance level, it may begin a downward trend. On the downside, there is immediate support near $39,500. The next significant support is seen near $39,000 (the recent breakout zone).

Any further losses may necessitate a test of the recent wave’s 50% Fib retracement level from the $37,507 swing low to the $40,029 high. A break below the $38,750 support level may put pressure on the bulls in the short term. The next major supports are the 100 hourly simple moving average and $38,500. Good luck!