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Home»EXCHANGE NEWS»Bitcoin Price Sprint to $40,000 – Could It Happen Soon Before EOY?
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Bitcoin Price Sprint to $40,000 – Could It Happen Soon Before EOY?

By Crypto FlexsDecember 1, 20233 Mins Read
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Bitcoin Price Sprint to ,000 – Could It Happen Soon Before EOY?
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Bitcoin price is consolidating above the $37,500 support area. BTC could attempt a strong rally if there is a clear move above the $38,400 resistance level.

  • Bitcoin is still struggling to break the $38,500 resistance zone.
  • The price is trading above $37,400 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline forming with support near $37,450.
  • The pair may begin another rise and attempt to clear the $38,500 resistance level.

Bitcoin price remains supported

Bitcoin price is still trading below the $38,500 resistance zone. The last swing high was formed near $38,419 before a downward correction.

BTC fell below the $38,000 level. It moved below the 23.6% Fib retracement level of the key increase from the $36,721 swing low to the $38,419 high. The price surged below the $37,650 support level, but the downside was limited.

A low was formed near $37,501 and the price is currently consolidating. It is currently testing the 50% Fib retracement level from the $38,419 swing high to the $37,501 low.

Bitcoin is currently trading above $37,400 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $37,450. On the other hand, immediate resistance is close to the $38,000 level.

The first major resistance forms 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 may revisit the $38,400 resistance area.

Source: TradingView.com BTCUSD

A break above the $38,400 resistance could trigger a new rally. The next major resistance could be near $39,200, above which BTC could rise towards the $39,500 level. More gains could push BTC towards $40,000 resistance.

Are there more downsides to BTC?

If Bitcoin fails to rise above the $38,050 resistance zone, another decline could begin. Immediate support on the downside is near the $37,600 level or the 100-hourly SMA.

The next major support is near $37,450 and the trend line. There is further downside risk if the price falls below $37,450. If indicated, the price may fall towards the $36,720 support in the near term.

Technical indicators:

Hourly MACD – MACD is now gaining speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $37,600, then $37,450.

Key resistance levels – $38,050, $38,400 and $39,500.

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