{"id":33716,"date":"2023-12-05T02:57:35","date_gmt":"2023-12-05T06:57:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33716"},"modified":"2023-12-05T02:57:35","modified_gmt":"2023-12-05T06:57:35","slug":"bitcoin-price-extends-rally-above-42k-but-signs-of-trend-exhaustion-appear","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/05\/bitcoin-price-extends-rally-above-42k-but-signs-of-trend-exhaustion-appear\/","title":{"rendered":"Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear"},"content":{"rendered":"

Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone.<\/em><\/p>\n

Bitcoin surged further above the $41,200 and $42,000 levels.
\nThe price is trading above $41,200 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward $40,800 before it starts a fresh increase.<\/p>\n

Bitcoin Price Rises Over 10%<\/h2>\n

Bitcoin price started a strong increase above the $38,500 resistance zone<\/a>. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000.<\/p>\n

It even cleared the $41,200 resistance and spiked above the $42,000 zone. A new multi-month high is formed near $42,415 and the price is now correcting gains. There was a move below the $42,000 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.<\/p>\n

Bitcoin also trades above $41,200 and the 100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.<\/p>\n

On the upside, immediate resistance is near the $42,200 level. The first major resistance is forming near $42,500, above which the price might rise toward the $43,200 level.<\/p>\n

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

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

A close above the $43,200 resistance might send the price further higher. The next key resistance could be near $44,000, above which BTC could rise toward the $45,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $42,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $41,200 level.<\/p>\n

The next major support is near $40,800 and the trend line. If there is a move below $40,800, there is a risk of more downsides. In the stated case, the price could drop toward the $40,000 support in the near term.<\/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 $41,200, followed by $40,800.<\/p>\n

Major Resistance Levels \u2013 $42,200, $42,500, and $43,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone.<\/em><\/p>\n

Bitcoin surged further above the $41,200 and $42,000 levels.
\nThe price is trading above $41,200 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward $40,800 before it starts a fresh increase.<\/p>\n

Bitcoin Price Rises Over 10%<\/h2>\n

Bitcoin price started a strong increase above the $38,500 resistance zone<\/a>. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000.<\/p>\n

It even cleared the $41,200 resistance and spiked above the $42,000 zone. A new multi-month high is formed near $42,415 and the price is now correcting gains. There was a move below the $42,000 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.<\/p>\n

Bitcoin also trades above $41,200 and the 100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.<\/p>\n

On the upside, immediate resistance is near the $42,200 level. The first major resistance is forming near $42,500, above which the price might rise toward the $43,200 level.<\/p>\n

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

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

A close above the $43,200 resistance might send the price further higher. The next key resistance could be near $44,000, above which BTC could rise toward the $45,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $42,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $41,200 level.<\/p>\n

The next major support is near $40,800 and the trend line. If there is a move below $40,800, there is a risk of more downsides. In the stated case, the price could drop toward the $40,000 support in the near term.<\/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 $41,200, followed by $40,800.<\/p>\n

Major Resistance Levels \u2013 $42,200, $42,500, and $43,200.<\/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-33716","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\/33716","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=33716"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33716\/revisions"}],"predecessor-version":[{"id":33727,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33716\/revisions\/33727"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33716"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}