TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline

TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline


Bitcoin extended decline below the $38,000 level against the US Dollar. BTC is recovering, but it must clear $39,000 for upside continuation.

Bitcoin remained in a bearish zone below $40,000 and $39,000. The price is now trading below $39,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $39,000 resistance to continue higher in the near term. Bitcoin Price Eyes Recovery Wave

Bitcoin price gained bearish momentum after it broke the $39,000 support zone. BTC even traded below the $38,000 level and settled below the 100 hourly simple moving average.

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There was a spike

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