Bitcoin Price Regains Strength As The Bulls Aim For $40K

Nov 20, 2023 04:00 am Cryptocurrency 149

Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.

Bitcoin started a fresh increase from the $35,500 support zone.

The price is trading above $36,700 and the 100 hourly Simple moving average.

There is a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move up toward $40,000 if it clears $37,350 and $38,000.

Bitcoin Price Restarts Increase

Bitcoin price found support near the $35,500 zone after a steady decline. BTC bulls were active above the $35,500 level and were able to start a fresh increase.

There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. The price even spiked above $37,200.

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