There was a break above a major bearish trend line with resistance near $38,475 on the hourly chart of the BTC/USD pair.
A high is formed near $40,029 and the price is now consolidating gains.
On the upside, bitcoin price is now facing resistance near the $40,000 level.
If bitcoin fails to clear the $40,000 resistance zone, it could start a downside correction.
Any more losses might call for a test of the 50% Fib retracement level of the recent wave from the $37,507 swing low to $40,029 high.
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