Bitcoin

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Key Points:<ul><li>Bitcoin battles the $38,500 resistance.</li><li>Support holds strong at $37,500.</li><li>Technical indicators hint at a potential rally.</li></ul>As Bitcoin maintains its position above the crucial $37,500 support level, speculators are eyeing a potential surge to $40,000 before the end of the year. The current scenario suggests that a decisive breach of the $38,400 resistance could trigger a strong upward movement.Despite its struggles to overcome the $38,500 resistance zone, <a href="https://cryptosnewss.com/bitcoin-faces-critical-junction-at-38500-resistance-will-bulls-prevail/" rel="noopener noreferrer nofollow">Bitcoin</a> is exhibiting resilience. Presently trading above $37,400 and the 100-hourly Simple Moving Average (SMA), the leading cryptocurrency is laying the groundwork for a potential breakout.<h2 id="header-0">Technical Analysis and Key Levels</h2>On the hourly chart of the BTC/USD pair, sourced from Kraken, a prominent bullish trend line is taking shape with a support level around $37,450. This trend line, coupled with the prevailing market conditions, hints at the possibility of another bullish surge targeting the elusive $38,500 resistance.While Bitcoin recently faced a correction from its swing high of $38,419, dipping below $38,000, the downside was limited. The price touched the $37,501 mark before initiating a consolidation phase. Currently, it is testing the 50% Fibonacci retracement level of the recent decline, further emphasizing the significance of the support at $37,450.The immediate resistance lies near $38,000, with a more substantial hurdle at $38,050 or the 61.8% Fibonacci retracement level. A breakthrough above this level could pave the way for a retest of the $38,400 resistance zone, marking a potential starting point for a fresh rally._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/bitcoin-enthusiasts-anticipate-a-rally-as-price-hovers-above-37500-support/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on December 1, 2023.

Bitcoin Enthusiasts Anticipate a Rally as Price Hovers Above $37,500 Support

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