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

Dec 4, 2023 04:00 am Cryptocurrency 60

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.

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