Bitcoin Price Consolidates Rally and Primed To Surge Toward $45K

Dec 7, 2023 04:00 am Cryptocurrency 173

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.

Bitcoin gained pace above the $42,200 and $43,200 levels.

The price is trading above $43,000 and the 100 hourly Simple moving average.

There 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).

The pair is likely setting up for a fresh increase above the $44,000 level.

Bitcoin Price Remains Supported

Bitcoin price started a major increase above the $42,000 resistance zone. 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.

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 ..

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