Bitcoin price recovered and surged above the $38,000 resistance against the US Dollar. Its price spiked above $40K and it is likely preparing for more upsides. A high is formed near the $40,212 level and the price is currently consolidating gains.
It corrected below the $39,500 and $39,200 levels. A low is formed near $38,052 level and the price is currently forming a breakout pattern. If there is an obvious upside break above the triangle resistance, the price could clear the $40K level. In the stated case, bitcoin price may aim a strong surge and the bulls are likely to aim for another all-time high in the near future. If bitcoin fails to clear the triangle resistance and $40K, there is a risk of a fresh decline. An initial support is near the $38,500 level. A downside break below the $38,500 and $38,000 support levels may possibly push the price towards the main $36,000 support zone in the near term.