Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear

Dec 5, 2023 04:00 am Cryptocurrency 66

Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone.

Bitcoin surged further above the $41,200 and $42,000 levels.

The price is trading above $41,200 and the 100 hourly Simple moving average.

There is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could correct lower toward $40,800 before it starts a fresh increase.

Bitcoin Price Rises Over 10%

Bitcoin price started a strong increase above the $38,500 resistance zone. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000.

It even cleared the $41,200 resistance and spiked above the $42,000 zone. A new multi-month high is formed near $42,415 and the price is now correcting gains. There was a move below the $42,000 level. The price is now testing the 23.6% Fib retracement level of the upward move from ..

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