Bitcoin

<h3 id="key-points">Key Points:</h3><ul><li>Bitcoin soars 10%, breaking $42,000 resistance.</li><li>Correction looming as signs of exhaustion emerge.</li><li>Crucial support at $40,800 – the battleground for the next move.</li></ul><a href="https://cryptosnewss.com/category/bitcoin-news/" rel="noopener noreferrer nofollow">Bitcoin</a> has extended its recent rally, breaching the crucial $42,000 resistance mark. However, signs of potential exhaustion in the upward trend have emerged, prompting a correction that could test the $40,800 support zone.The cryptocurrency witnessed a robust surge, surpassing both the $41,200 and $42,000 levels. Presently, Bitcoin is trading above $41,200 and the 100 hourly Simple Moving Average (SMA), maintaining a positive outlook. On the hourly chart of the BTC/USD pair, a significant bullish trend line is taking shape, offering support around $40,880.Bitcoin’s price appreciation amounted to an impressive 10%, propelling it beyond the $38,500 resistance zone. The momentum continued, breaking multiple hurdles near $40,000 and clearing the $41,200 resistance. The peak of this rally culminated in a new multi-month high at approximately $42,415.Despite the surge, the cryptocurrency is currently undergoing a correction, with the price dipping below the $42,000 level. The ongoing test includes the examination of the 23.6% Fibonacci retracement level, measured from the $39,360 swing low to the $42,415 high.Maintaining a positive stance, Bitcoin remains above $41,200 and the 100 hourly SMA. The bullish trend line, coinciding with the 50% Fibonacci retracement level, adds to the potential support.Looking ahead, immediate resistance is anticipated near $42,200, with a more significant hurdle at $42,500. A breakthrough above this level could pave the way for further gains, potentially pushing the price toward the $43,200 mark. A decisive close above $43,200 might propel Bitcoin even higher, with the next notable resistance looming near $44,000 and the prospect of reaching $45,000._______________________________________________________________________________________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/bitcoins-soaring-rally-faces-resistance-at-42k-correction-likely-before-next-surge/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on December 5, 2023.

Bitcoin’s Soaring Rally Faces Resistance at $42K, Correction Likely Before Next Surge

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