Bitcoin

Resistance

Bitcoin price is consolidating above the $37,500 support zone. BTC could attempt a strong increase if there is a clear move above the $38,400 resistance. 
<ul> 
 <li>Bitcoin is still struggling to clear the $38,500 resistance zone.</li> 
 <li>The price is trading above $37,400 and the 100 hourly Simple moving average.</li> 
 <li>There is a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase and attempt to clear the $38,500 resistance.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price is still trading well below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-37550/" target="_blank" rel="noopener ">$38,500 resistance zone</a>. The last swing high was formed near $38,419 before there was a downside correction. 
BTC declined below the $38,000 level. There was a move below the 23.6% Fib retracement level of the key increase from the $36,721 swing low to the $38,419 high. The price even spiked below the $37,650 support but downsides were limited. 
A low was formed near $37,501 and the price is now consolidating. It is now testing the 50% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low. 
Bitcoin is now trading above $37,400 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-avoids-collapse-38500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $38,000 level. 
The first major resistance is forming near $38,050 or the 61.8% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low, above which the price might revisit the $38,400 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563350" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
A close above the $38,400 resistance might start a fresh rally. The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to rise above the $38,050 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level or the 100 hourly SMA. 
The next major support is near $37,450 and the trend line. If there is a move below $37,450, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $37,600, followed by $37,450. 
Major Resistance Levels – $38,050, $38,400, and $39,500.

Bitcoin Price Sprint to $40,000 – Can It Happen Soon Before EOY?

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