Bitcoin price gained traction in the past few days and traded to new a new monthly high at $4,132 against the US Dollar.
The price corrected lower recently, but it found support near the $4,050 and $4,040 levels.
There is a major ascending channel in place with support at $4,070 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair might decline towards the $4,040 support once again before climbing higher in the near term.
Bitcoin price is trading in a strong uptrend above $4,000 against the US Dollar. BTC/USD must stay above the $4,040 support to climb further higher above $4,150 and $4,200.
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