The post Bitcoin Price Surges Over 5% To Clear $40k, Why BTC Bulls Are Not Done Yet appeared on BitcoinEthereumNews.com.

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.…

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Filed under: News - @ December 4, 2023 3:20 am