The BTC/USD pair has been trading in a two-month ascending channel pattern. The pair bounced off its lower boundary at 3411.9 on February 8 and had since hit a January high level at 4112.9.
The Bitcoin cryptocurrency was trading near a support cluster formed by the 50-hour simple moving average and the weekly pivot point at 4000.9.
If the pair passes the support level, a decline towards the 200-hour SMA at 3897.7 could follow.
However, if the support cluster as mentioned earlier holds, the Bitcoin against the US Dollar will continue its upside movement during the following trading sessions.