{"id":36213,"date":"2023-12-05T04:12:51","date_gmt":"2023-12-05T03:12:51","guid":{"rendered":"https:\/\/europepublic.com\/bitcoin-price-extends-rally-above-42k-but-signs-of-trend-exhaustion-appear\/"},"modified":"2023-12-05T04:12:51","modified_gmt":"2023-12-05T03:12:51","slug":"bitcoin-price-extends-rally-above-42k-but-signs-of-trend-exhaustion-appear","status":"publish","type":"post","link":"https:\/\/europepublic.com\/bitcoin-price-extends-rally-above-42k-but-signs-of-trend-exhaustion-appear\/","title":{"rendered":"Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin surged further above the $41,200 and $42,000 levels.<\/li>\n<li>The price is trading above $41,200 and the 100 hourly Simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair could correct lower toward $40,800 before it starts a fresh increase.<\/li>\n<\/ul>\n<h2>Bitcoin Price Rises Over 10%<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-surges-over-40k\/\" target=\"_blank\" rel=\"noopener\">strong increase above the $38,500 resistance zone<\/a>. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000.<\/p>\n<p>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 the $39,360 swing low to the $42,415 high.<\/p>\n<p>Bitcoin also trades above $41,200 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-sprint-to-40000\/\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.<\/p>\n<p>On the upside, immediate resistance is near the $42,200 level. The first major resistance is forming near $42,500, above which the price might rise toward the $43,200 level.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/12\/Bitcoin-2.png?resize=1024%2C468\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>A close above the $43,200 resistance might send the price further higher. The next key resistance could be near $44,000, above which BTC could rise toward the $45,000 level.<\/p>\n<h2>Are Dips Limited In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $42,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $41,200 level.<\/p>\n<p>The next major support is near $40,800 and the trend line. If there is a move below $40,800, there is a risk of more downsides. In the stated case, the price could drop toward the $40,000 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $41,200, followed by $40,800.<\/p>\n<p>Major Resistance Levels \u2013 $42,200, $42,500, and $43,200.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-extends-rally-42k\/\" target=\"_blank\" rel=\"noopener\">Source link: https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-extends-rally-42k\/  <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[34555,577,34556,1258,431,2755,1040,5151],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/shutterstock_1182580207.jpg?fit=%2C&ssl=1","_links":{"self":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts\/36213"}],"collection":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/comments?post=36213"}],"version-history":[{"count":0,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts\/36213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/media\/36214"}],"wp:attachment":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/media?parent=36213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/categories?post=36213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/tags?post=36213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}