Bitcoin Resumes Rally, Why BTC Could Accelerate Above $40K

Bitcoin price found support near $36,400 and it started a fresh increase against the US Dollar. BTC is showing positive signs and it could rally further above $40,000.

Bitcoin remained well bid above the $36,400 and $36,500 support levels.
The price is now trading well above $37,000 and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to gain bullish momentum above the $40,000 resistance zone in the near term.

Bitcoin Price Gains Pace
Bitcoin price corrected lower from the $40,000 resistance zone. BTC declined below the $38,000 support level, but it remained well above the 100 hourly simple moving average.
The bulls were active near the $36,400 and $36,500 support levels. A low was formed near $36,403 and the price is now rising. It broke the $37,000 and $38,000 levels. There was a clear break above the 50% Fib retracement level of the downward move from the $40,520 swing high to $36,400 swing low.
It is now trading well above $37,000 and the 100 hourly simple moving average. Bitcoin seems to be positioned nicely above the 76.4% Fib retracement level of the downward move from the $40,520 swing high to $36,400 swing low.

Source: BTCUSD on TradingView.com
There is also a crucial bullish trend line forming with support near $36,800 on the hourly chart of the BTC/USD pair. On the upside, an initial resistance is near the $40,000 level. The first major resistance is near the $40,500 level. A successful break and close above the $40,500 level could spark a steady increase towards the $42,000 level in the near term.
Dip Limited in BTC?
If bitcoin fails to climb above the $40,000 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,200 level.
The first major support is now near the $38,800 zone. A clear downside break below the $38,800 support might call for a move towards the $37,500 level. The next major support is near the $37,000 zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $39,200, followed by $38,800.
Major Resistance Levels – $40,000, $40,500 and $42,000.

bitcoin
Bitcoin (BTC) $ 17,137.70
ethereum
Ethereum (ETH) $ 1,281.52
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.46
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.392140
dogecoin
Dogecoin (DOGE) $ 0.104628
cardano
Cardano (ADA) $ 0.323433
matic-network
Polygon (MATIC) $ 0.923800
polkadot
Polkadot (DOT) $ 5.60
staked-ether
Lido Staked Ether (STETH) $ 1,268.07
litecoin
Litecoin (LTC) $ 77.24
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.80
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.75
tron
TRON (TRX) $ 0.053290
uniswap
Uniswap (UNI) $ 6.27
avalanche-2
Avalanche (AVAX) $ 13.96
chainlink
Chainlink (LINK) $ 7.46
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,096.44
leo-token
LEO Token (LEO) $ 3.81
cosmos
Cosmos Hub (ATOM) $ 10.28
ethereum-classic
Ethereum Classic (ETC) $ 19.58
the-open-network
The Open Network (TON) $ 1.81
monero
Monero (XMR) $ 142.68
stellar
Stellar (XLM) $ 0.088224
bitcoin-cash
Bitcoin Cash (BCH) $ 111.28
quant-network
Quant (QNT) $ 129.26
algorand
Algorand (ALGO) $ 0.241340
crypto-com-chain
Cronos (CRO) $ 0.065015
filecoin
Filecoin (FIL) $ 4.58
near
NEAR Protocol (NEAR) $ 1.73
apecoin
ApeCoin (APE) $ 4.00
vechain
VeChain (VET) $ 0.019363
hedera-hashgraph
Hedera (HBAR) $ 0.048292
internet-computer
Internet Computer (ICP) $ 4.36
flow
Flow (FLOW) $ 1.14
terra-luna
Terra Luna Classic (LUNC) $ 0.000176
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.30
frax
Frax (FRAX) $ 0.999973
eos
EOS (EOS) $ 0.933057
trust-wallet-token
Trust Wallet (TWT) $ 2.43
the-sandbox
The Sandbox (SAND) $ 0.592800
tezos
Tezos (XTZ) $ 1.01
aave
Aave (AAVE) $ 64.52
chiliz
Chiliz (CHZ) $ 0.167826
theta-token
Theta Network (THETA) $ 0.893240
lido-dao
Lido DAO (LDO) $ 1.11