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This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC/USD pair even spiked above the $40,000 resistance, but it failed to continue higher.
A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319.
The price is currently consolidating above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low.