The post BTC Near $40K; Will it Show Correction? appeared on BitcoinEthereumNews.com.

Bitcoin price prediction is that a bull run has begun and significant rise in the price may be visible in coming months. BTC crypto is forming a strong bullish continuation pattern.  The buyers continue to dominate on the the support levels. A minor sell off is imminent. However, investor confidence is clearly high for Bitcoin. In November, BTC price consolidated for a few days in the range between $35,600 to $38,000. This consolidation can be interpreted as short term base formation during which selling pressure was absorbed. Slowly and steadily, BTC crypto continued to rise and succeeded to take control in the $38K supply zone. In the beginning, buyers finally succeeded to break the $38K barrier and pushed the price toward 39,000.  The 50 day and 200 day EMAs is sloping upwards, but the price is trading far away from the EMA. So, a short term retracement to the 50 day EMA is expected in the coming months. However, as of now BTC price action does not show any sign of weakness. Bitcoin Price Near $40K; What Might be the Next Move? Source: BTC/USDT daily chart by Tradingview Bitcoin price rose 4% in just three trading sessions in December and sustained above $39,000. It shows that the aggressive buyers are getting active and preparing to break the $40K barrier. If they succeed, then BTC price might display a sharp rise which will attract the new participants in the market. However, if the BTC crypto price faces rejection at the $40,000 level, then a minor correction is likely.  On the downside, the $38,000 and $36,000 range will act as a demand zone for the bulls. The analysis suggests that this crypto is in an uptrend, so investors and traders should loook to buy on dip opportunities.  BTC Price is in the…

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Filed under: News - @ December 3, 2023 7:36 pm