Bitcoin Price Surges Over 5% To Clear $40k, Why BTC Bulls Are Not Done Yet

2023-12-04 03:32:12

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.

Bitcoin broke the $38,500 resistance zone and surged above $40,000.
The price is trading above $40,000 and the 100 hourly Simple moving average.
There 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).
The pair could continue to rise toward the $42,000 resistance.

Bitcoin Price Clears $40K

Bitcoin price remained strong and was able to clear the $38,500 resistance zone. BTC bulls gained strength and they were able to clear the $39,500 resistance zone.

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.

Bitcoin is also trading above $40,000 and the 100 hourly Simple moving average. 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.

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.

Source: BTCUSD on TradingView.com

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.

Are Dips Supported In BTC?

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.

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.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $40,500, followed by $40,000.

Major Resistance Levels – $40,850, $41,200, and $42,000.

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