Bitcoin Consolidates Above Support, Here’s What Could Trigger Fresh Rally

Bitcoin price is trading in a positive zone above the $40,000 level against the US Dollar. BTC is likely to start a fresh rally if it clears the $41,200 resistance zone.

Bitcoin remained in a positive zone above the $39,000 and $40,000 levels.
The price is currently well above $39,000 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a fresh rally once it clears $40,650 and $41,200.

Bitcoin Price Remains Elevated
Bitcoin started a fresh increase after it broke the key $38,500 resistance zone. BTC even climbed above the $40,000 resistance zone and it settled well above the 100 hourly simple moving average.
However, the price seems to be struggling above the $41,000 level. There were two attempts to gain strength above $41,000, but the bulls failed. The recent high was formed near $41,384 before the price corrected lower. It dipped below $40,500, but the bulls were active near $39,500.
A low is formed near $39,476 and the price is now consolidating in a range. It is trading above the 23.6% Fib retracement level of the recent decline from the $41,384 high to $39,476 low.
On the upside, an immediate resistance is forming near the $40,450 level. It is near the 50% Fib retracement level of the recent decline from the $41,384 high to $39,476 low. The first major resistance is near the $40,650 level. There is also a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
A clear upside break above the triangle resistance could spark bullish moves. The next resistance is near the $41,200 level. A close above $41,200 level is likely to stage a move towards the $43,500 level.
Dips Limited in BTC?
If bitcoin fails to clear the $41,200 resistance, it could start a downside correction. An initial support on the downside is near the $40,000 level.
The first major support is near the $39,80 level and the triangle lower trend line. A downside break below the triangle support could push the price towards the $38,500 support level and the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is likely to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $39,800, followed by $38,500.
Major Resistance Levels – $40,650, $41,200 and $43,500.

bitcoin
Bitcoin (BTC) $ 16,952.19
ethereum
Ethereum (ETH) $ 1,265.62
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 291.79
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 0.999913
xrp
XRP (XRP) $ 0.395642
dogecoin
Dogecoin (DOGE) $ 0.101692
cardano
Cardano (ADA) $ 0.323892
matic-network
Polygon (MATIC) $ 0.914655
polkadot
Polkadot (DOT) $ 5.55
staked-ether
Lido Staked Ether (STETH) $ 1,251.04
okb
OKB (OKB) $ 21.92
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 75.99
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054066
solana
Solana (SOL) $ 13.49
uniswap
Uniswap (UNI) $ 6.17
avalanche-2
Avalanche (AVAX) $ 13.71
chainlink
Chainlink (LINK) $ 7.33
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,926.13
leo-token
LEO Token (LEO) $ 3.80
cosmos
Cosmos Hub (ATOM) $ 10.21
ethereum-classic
Ethereum Classic (ETC) $ 19.53
monero
Monero (XMR) $ 146.12
the-open-network
The Open Network (TON) $ 1.80
stellar
Stellar (XLM) $ 0.087410
bitcoin-cash
Bitcoin Cash (BCH) $ 110.99
quant-network
Quant (QNT) $ 130.18
algorand
Algorand (ALGO) $ 0.240645
crypto-com-chain
Cronos (CRO) $ 0.064314
filecoin
Filecoin (FIL) $ 4.48
apecoin
ApeCoin (APE) $ 3.94
near
NEAR Protocol (NEAR) $ 1.69
vechain
VeChain (VET) $ 0.019271
hedera-hashgraph
Hedera (HBAR) $ 0.048151
internet-computer
Internet Computer (ICP) $ 4.18
flow
Flow (FLOW) $ 1.09
terra-luna
Terra Luna Classic (LUNC) $ 0.000179
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.96
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.42
eos
EOS (EOS) $ 0.927946
tezos
Tezos (XTZ) $ 1.01
the-sandbox
The Sandbox (SAND) $ 0.585827
aave
Aave (AAVE) $ 63.75
chiliz
Chiliz (CHZ) $ 0.167882
theta-token
Theta Network (THETA) $ 0.894608
huobi-token
Huobi (HT) $ 6.80