{"id":32789,"date":"2023-11-20T03:52:57","date_gmt":"2023-11-20T07:52:57","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32789"},"modified":"2023-11-20T03:52:57","modified_gmt":"2023-11-20T07:52:57","slug":"bitcoin-price-regains-strength-as-the-bulls-aim-for-40k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/20\/bitcoin-price-regains-strength-as-the-bulls-aim-for-40k\/","title":{"rendered":"Bitcoin Price Regains Strength As The Bulls Aim For $40K"},"content":{"rendered":"

Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.<\/em><\/p>\n

Bitcoin started a fresh increase from the $35,500 support zone.
\nThe price is trading above $36,700 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up toward $40,000 if it clears $37,350 and $38,000.<\/p>\n

Bitcoin Price Restarts Increase<\/h2>\n

Bitcoin price found support near the $35,500 zone<\/a> after a steady decline. BTC bulls were active above the $35,500 level and were able to start a fresh increase.<\/p>\n

There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. The price even spiked above $37,200.<\/p>\n

Bitcoin is now trading above $36,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $37,350 level. It is near the 76.4% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. A clear move above the $37,350 resistance might send the price toward the $37,800 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $38,000<\/a>. A close above the $38,000 resistance could start a strong increase. The first major resistance is near $39,200, above which the price might accelerate further higher. In the stated case, it could test the $40,000 level. Any more gains might send BTC toward the $42,000 level.<\/p>\n

Another Rejection In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,350 resistance zone, it could start another decline. Immediate support on the downside is near the $37,000 level.<\/p>\n

The next major support is $36,700 and the trend line. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $35,950 support in the near term. The next key support or target could be $35,500.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $37,000, followed by $36,700.<\/p>\n

Major Resistance Levels \u2013 $37,350, $37,800, and $38,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.<\/em><\/p>\n

Bitcoin started a fresh increase from the $35,500 support zone.
\nThe price is trading above $36,700 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up toward $40,000 if it clears $37,350 and $38,000.<\/p>\n

Bitcoin Price Restarts Increase<\/h2>\n

Bitcoin price found support near the $35,500 zone<\/a> after a steady decline. BTC bulls were active above the $35,500 level and were able to start a fresh increase.<\/p>\n

There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. The price even spiked above $37,200.<\/p>\n

Bitcoin is now trading above $36,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $37,350 level. It is near the 76.4% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. A clear move above the $37,350 resistance might send the price toward the $37,800 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $38,000<\/a>. A close above the $38,000 resistance could start a strong increase. The first major resistance is near $39,200, above which the price might accelerate further higher. In the stated case, it could test the $40,000 level. Any more gains might send BTC toward the $42,000 level.<\/p>\n

Another Rejection In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,350 resistance zone, it could start another decline. Immediate support on the downside is near the $37,000 level.<\/p>\n

The next major support is $36,700 and the trend line. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $35,950 support in the near term. The next key support or target could be $35,500.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $37,000, followed by $36,700.<\/p>\n

Major Resistance Levels \u2013 $37,350, $37,800, and $38,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32789","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32789"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32789\/revisions"}],"predecessor-version":[{"id":32798,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32789\/revisions\/32798"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32789"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}