Bitcoin (BTC) is testing resistance near $40,000 after several breakout attempts over the past three months. The short-squeeze rally lost some momentum this week, although downside appears limited around the $34,000 to $36,000 support zone.
The next level of resistance is seen at the 200-day moving average near $45,000. A successful breakout would yield an initial upside target towards $50,000-$55,000.
Bitcoin was trading around $40,600 at press time and is up 6% over the past 24 hours.