{"id":33643,"date":"2023-12-04T03:52:35","date_gmt":"2023-12-04T07:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33643"},"modified":"2023-12-04T03:52:35","modified_gmt":"2023-12-04T07:52:35","slug":"bitcoin-price-surges-over-5-to-clear-40k-why-btc-bulls-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/04\/bitcoin-price-surges-over-5-to-clear-40k-why-btc-bulls-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Surges Over 5% To Clear $40k, Why BTC Bulls Are Not Done Yet"},"content":{"rendered":"

Bitcoin price is up over 5% and it broke the $40,000 resistance. BTC is rising and might soon climb higher toward the $42,000 resistance.<\/em><\/p>\n

Bitcoin broke the $38,500 resistance zone and surged above $40,000.
\nThe price is trading above $40,000 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $40,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise toward the $42,000 resistance.<\/p>\n

Bitcoin Price Clears $40K<\/h2>\n

Bitcoin price remained strong and was able to clear the $38,500 resistance zone<\/a>. BTC bulls gained strength and they were able to clear the $39,500 resistance zone.<\/p>\n

Finally, the price surged above the $40,000 resistance zone. It is up over 5% and a new multi-month high is formed near $40,890. The price is now consolidating gains above the 23.6% Fib retracement level of the recent increase from the $39,360 swing low to the $40,890 high.<\/p>\n

Bitcoin is also trading above $40,000 and the 100 hourly Simple moving average<\/a>. Besides, there is a connecting bullish trend line forming with support near $40,100 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $39,360 swing low to the $40,890 high.<\/p>\n

On the upside, immediate resistance is near the $40,850 level. The first major resistance is forming near $41,200, above which the price might rise toward the $41,500 level.<\/p>\n

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

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

A close above the $41,500 resistance might send the price further higher. The next key resistance could be near $42,000, above which BTC could rise toward the $42,400 level.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,850 resistance zone, it could start a downside correction. Immediate support on the downside is near the $40,500 level.<\/p>\n

The next major support is near $40,000 and the trend line. If there is a move below $40,000, there is a risk of more downsides. In the stated case, the price could drop toward the $39,720 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 $40,500, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $40,850, $41,200, and $42,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is up over 5% and it broke the $40,000 resistance. BTC is rising and might soon climb higher toward the $42,000 resistance.<\/em><\/p>\n

Bitcoin broke the $38,500 resistance zone and surged above $40,000.
\nThe price is trading above $40,000 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $40,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise toward the $42,000 resistance.<\/p>\n

Bitcoin Price Clears $40K<\/h2>\n

Bitcoin price remained strong and was able to clear the $38,500 resistance zone<\/a>. BTC bulls gained strength and they were able to clear the $39,500 resistance zone.<\/p>\n

Finally, the price surged above the $40,000 resistance zone. It is up over 5% and a new multi-month high is formed near $40,890. The price is now consolidating gains above the 23.6% Fib retracement level of the recent increase from the $39,360 swing low to the $40,890 high.<\/p>\n

Bitcoin is also trading above $40,000 and the 100 hourly Simple moving average<\/a>. Besides, there is a connecting bullish trend line forming with support near $40,100 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $39,360 swing low to the $40,890 high.<\/p>\n

On the upside, immediate resistance is near the $40,850 level. The first major resistance is forming near $41,200, above which the price might rise toward the $41,500 level.<\/p>\n

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

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

A close above the $41,500 resistance might send the price further higher. The next key resistance could be near $42,000, above which BTC could rise toward the $42,400 level.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,850 resistance zone, it could start a downside correction. Immediate support on the downside is near the $40,500 level.<\/p>\n

The next major support is near $40,000 and the trend line. If there is a move below $40,000, there is a risk of more downsides. In the stated case, the price could drop toward the $39,720 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 $40,500, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $40,850, $41,200, and $42,000.<\/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-33643","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\/33643","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=33643"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33643\/revisions"}],"predecessor-version":[{"id":33652,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33643\/revisions\/33652"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33643"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}