{"id":33870,"date":"2023-12-07T04:00:31","date_gmt":"2023-12-07T08:00:31","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33870"},"modified":"2023-12-07T04:00:31","modified_gmt":"2023-12-07T08:00:31","slug":"bitcoin-price-consolidates-rally-and-primed-to-surge-toward-45k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/07\/bitcoin-price-consolidates-rally-and-primed-to-surge-toward-45k\/","title":{"rendered":"Bitcoin Price Consolidates Rally and Primed To Surge Toward $45K"},"content":{"rendered":"

Bitcoin price started a strong increase above the $42,000 zone. BTC is now consolidating gains and might rally further toward the $45,000 zone.<\/em><\/p>\n

Bitcoin gained pace above the $42,200 and $43,200 levels.
\nThe price is trading above $43,000 and the 100 hourly Simple moving average.
\nThere are two bullish trend lines forming with support near $43,900 and $42,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is likely setting up for a fresh increase above the $44,000 level.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price started a major increase above the $42,000 resistance zone<\/a>. BTC surged and even broke the $43,200 resistance zone. A new multi-month high was formed near $44,465 before the price started a minor downside correction.<\/p>\n

There was a move below the $44,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $39,475 swing low to the $44,465 high. However, the bulls remained active above the $43,200 support zone.<\/p>\n

Bitcoin also trades above $43,500 and the 100 hourly Simple moving average<\/a>. Besides, there are two bullish trend lines forming with support near $43,900 and $42,000 on the hourly chart of the BTC\/USD pair. The second trend line is close to the 61.8% Fib retracement level of the upward move from the $39,475 swing low to the $44,465 high.<\/p>\n

On the upside, immediate resistance is near the $44,250 level. The first major resistance is forming near $44,450, above which the price might rally toward the $45,000 level.<\/p>\n

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

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

A close above the $45,000 resistance might send the price further higher. The next key resistance could be near $46,200, above which BTC could rise toward the $47,500 level.<\/p>\n

Short-term Dips In BTC?<\/h2>\n

If Bitcoin fails to rise above the $44,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,900 level and the trend line.<\/p>\n

The next major support is near $42,550, below which the price might test the second trend line. If there is a move below $42,000, there is a risk of more downsides. In the stated case, the price could drop toward the $41,200 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 $43,900, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $44,250, $44,450, and $45,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a strong increase above the $42,000 zone. BTC is now consolidating gains and might rally further toward the $45,000 zone.<\/em><\/p>\n

Bitcoin gained pace above the $42,200 and $43,200 levels.
\nThe price is trading above $43,000 and the 100 hourly Simple moving average.
\nThere are two bullish trend lines forming with support near $43,900 and $42,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is likely setting up for a fresh increase above the $44,000 level.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price started a major increase above the $42,000 resistance zone<\/a>. BTC surged and even broke the $43,200 resistance zone. A new multi-month high was formed near $44,465 before the price started a minor downside correction.<\/p>\n

There was a move below the $44,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $39,475 swing low to the $44,465 high. However, the bulls remained active above the $43,200 support zone.<\/p>\n

Bitcoin also trades above $43,500 and the 100 hourly Simple moving average<\/a>. Besides, there are two bullish trend lines forming with support near $43,900 and $42,000 on the hourly chart of the BTC\/USD pair. The second trend line is close to the 61.8% Fib retracement level of the upward move from the $39,475 swing low to the $44,465 high.<\/p>\n

On the upside, immediate resistance is near the $44,250 level. The first major resistance is forming near $44,450, above which the price might rally toward the $45,000 level.<\/p>\n

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

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

A close above the $45,000 resistance might send the price further higher. The next key resistance could be near $46,200, above which BTC could rise toward the $47,500 level.<\/p>\n

Short-term Dips In BTC?<\/h2>\n

If Bitcoin fails to rise above the $44,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,900 level and the trend line.<\/p>\n

The next major support is near $42,550, below which the price might test the second trend line. If there is a move below $42,000, there is a risk of more downsides. In the stated case, the price could drop toward the $41,200 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 $43,900, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $44,250, $44,450, and $45,000.<\/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-33870","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\/33870","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=33870"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33870\/revisions"}],"predecessor-version":[{"id":33881,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33870\/revisions\/33881"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33870"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}