{"id":33519,"date":"2023-12-01T02:53:56","date_gmt":"2023-12-01T06:53:56","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33519"},"modified":"2023-12-01T02:53:56","modified_gmt":"2023-12-01T06:53:56","slug":"bitcoin-price-sprint-to-40000-can-it-happen-soon-before-eoy","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/01\/bitcoin-price-sprint-to-40000-can-it-happen-soon-before-eoy\/","title":{"rendered":"Bitcoin Price Sprint to $40,000 \u2013 Can It Happen Soon Before EOY?"},"content":{"rendered":"

Bitcoin price is consolidating above the $37,500 support zone. BTC could attempt a strong increase if there is a clear move above the $38,400 resistance.<\/em><\/p>\n

Bitcoin is still struggling to clear the $38,500 resistance zone.
\nThe price is trading above $37,400 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase and attempt to clear the $38,500 resistance.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price is still trading well below the $38,500 resistance zone<\/a>. The last swing high was formed near $38,419 before there was a downside correction.<\/p>\n

BTC declined below the $38,000 level. There was a move below the 23.6% Fib retracement level of the key increase from the $36,721 swing low to the $38,419 high. The price even spiked below the $37,650 support but downsides were limited.<\/p>\n

A low was formed near $37,501 and the price is now consolidating. It is now testing the 50% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low.<\/p>\n

Bitcoin is now trading above $37,400 and the 100 hourly Simple moving average<\/a>. There is also a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $38,000 level.<\/p>\n

The first major resistance is forming near $38,050 or the 61.8% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low, above which the price might revisit the $38,400 resistance zone.<\/p>\n

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

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

A close above the $38,400 resistance might start a fresh rally. The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $38,050 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level or the 100 hourly SMA.<\/p>\n

The next major support is near $37,450 and the trend line. If there is a move below $37,450, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $37,600, followed by $37,450.<\/p>\n

Major Resistance Levels \u2013 $38,050, $38,400, and $39,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $37,500 support zone. BTC could attempt a strong increase if there is a clear move above the $38,400 resistance.<\/em><\/p>\n

Bitcoin is still struggling to clear the $38,500 resistance zone.
\nThe price is trading above $37,400 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase and attempt to clear the $38,500 resistance.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price is still trading well below the $38,500 resistance zone<\/a>. The last swing high was formed near $38,419 before there was a downside correction.<\/p>\n

BTC declined below the $38,000 level. There was a move below the 23.6% Fib retracement level of the key increase from the $36,721 swing low to the $38,419 high. The price even spiked below the $37,650 support but downsides were limited.<\/p>\n

A low was formed near $37,501 and the price is now consolidating. It is now testing the 50% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low.<\/p>\n

Bitcoin is now trading above $37,400 and the 100 hourly Simple moving average<\/a>. There is also a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $38,000 level.<\/p>\n

The first major resistance is forming near $38,050 or the 61.8% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low, above which the price might revisit the $38,400 resistance zone.<\/p>\n

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

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

A close above the $38,400 resistance might start a fresh rally. The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $38,050 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level or the 100 hourly SMA.<\/p>\n

The next major support is near $37,450 and the trend line. If there is a move below $37,450, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $37,600, followed by $37,450.<\/p>\n

Major Resistance Levels \u2013 $38,050, $38,400, and $39,500.<\/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-33519","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\/33519","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=33519"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33519\/revisions"}],"predecessor-version":[{"id":33528,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33519\/revisions\/33528"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33519"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}