TA: Bitcoin Resumes Downtrend, Why Upsides Remain Capped

Bitcoin failed to gain pace above $40,700 and declined against the US Dollar. BTC traded to a new weekly low and might struggle to climb above $39,200.Bitcoin started a fresh decline after it failed to clear the key $40,700 resistance zone.
The price is now back below $39,000 and the 100 hourly simple moving average.
There was a break below a connecting bullish trend line with support near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but