$BTC At this point, the price of bitcoin is attempting to breach higher than the $40,600 barrier level. BTC bulls can see significant resistance in the vicinity of $40,750 and $41,550.A wave of recovery is being attempted by the price of bitcoin from the support zone located at $38,500.Just over $40,000 and the 100 hourly simple moving average, the price is now trading at this moment.On the hourly chart of the Bitcoin to US Dollar pair, there is a significant negative trend line that is forming with resistance being located around $40,250. There is a possibility that the pair may have difficulty settling above the resistance levels of $40,400 and $40,500.The price of bitcoin is set to break higher.The price of bitcoin continued to provide strong support above the $38,500 support zone. Bitcoin (BTC) has established a foundation and has lately begun a period of consolidation above the $39,000 mark.In the course of the decline that began with the swing high of $42,261 and ended with the low of $38,518, the price was able to rebound above the 23.6% Fibonacci retracement level. Above the $39,200 and $39,350 levels, it seems that bulls are actively trading positions. At the moment, the price of bitcoin is quite close to $40,000 and the 100 hourly simple moving average.On the other hand, there are a lot of obstacles close to $40,400. Near the $40,250 level is where immediate resistance is located. There is also a significant negative trend line that is emerging on the hourly chart of the Bitcoin to US Dollar pair, and it is forming with resistance approximately $40,250.The next significant level of resistance might be $40,380, which is also the 50% Fibonacci retracement level of the negative move from the swing high of $42,261 to the low of $38,518. If the price is able to break through this level, it may then rally and target $40,850. In the event that the price makes a clear move over the $40,850 barrier, it may advance closer to the $41,250 point of resistance.#TradeNTell

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