Bitcoin Price Holds Key Support, Can Bulls Overcome This Key Hurdle?

Dec 12, 2023 04:00 am Cryptocurrency 126

Bitcoin price dived again and retested the $40,000 support zone. BTC is rising, but it must clear $42,350 to move into a positive zone.

Bitcoin is attempting a fresh increase from the $40,000 support zone.

The price is trading below $43,600 and the 100 hourly Simple moving average.

There was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could gain bullish momentum once it clears the $42,350 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price dropped heavily below the $43,500 and $43,200 support levels. BTC even dived below the $41,200 support before the bulls emerged. A low was formed near $39,999 and the price is now attempting a fresh increase.

The price climbed above the 23.6% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. Besides, there was a break above a connecting ..

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