Bitcoin

Resistance

Bitcoin price is up over 5% and it broke the $40,000 resistance. BTC is rising and might soon climb higher toward the $42,000 resistance. 
<ul> 
 <li>Bitcoin broke the $38,500 resistance zone and surged above $40,000.</li> 
 <li>The price is trading above $40,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support near $40,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to rise toward the $42,000 resistance.</li> 
</ul> 
<h2 id="bitcoin-price-clears-40k">Bitcoin Price Clears $40K</h2> 
Bitcoin price remained strong and was able to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-sprint-to-40000/" target="_blank" rel="noopener ">$38,500 resistance zone</a>. BTC bulls gained strength and they were able to clear the $39,500 resistance zone. 
Finally, the price surged above the $40,000 resistance zone. It is up over 5% and a new multi-month high is formed near $40,890. The price is now consolidating gains above the 23.6% Fib retracement level of the recent increase from the $39,360 swing low to the $40,890 high. 
Bitcoin is also trading above $40,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-37550/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Besides, there is a connecting bullish trend line forming with support near $40,100 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $39,360 swing low to the $40,890 high. 
On the upside, immediate resistance is near the $40,850 level. The first major resistance is forming near $41,200, above which the price might rise toward the $41,500 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563691" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1.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 $41,500 resistance might send the price further higher. The next key resistance could be near $42,000, above which BTC could rise toward the $42,400 level. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to rise above the $40,850 resistance zone, it could start a downside correction. Immediate support on the downside is near the $40,500 level. 
The next major support is near $40,000 and the trend line. If there is a move below $40,000, there is a risk of more downsides. In the stated case, the price could drop toward the $39,720 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 – $40,500, followed by $40,000. 
Major Resistance Levels – $40,850, $41,200, and $42,000.

Bitcoin Price Surges Over 5% To Clear $40k, Why BTC Bulls Are Not Done Yet

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