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{"id":563869,"date":"2023-12-05T02:56:53","date_gmt":"2023-12-05T02:56:53","guid":{"rendered":"https:\/\/wncen.com\/?p=563869"},"modified":"2024-06-11T14:42:47","modified_gmt":"2024-06-11T14:42:47","slug":"bitcoin-price-extends-rally-42k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-extends-rally-42k\/","title":{"rendered":"Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear"},"content":{"rendered":"

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

\n
Bitcoin surged further above the $41,200 and $42,000 levels.<\/li>\n
The price is trading above $41,200 and the 100 hourly Simple moving average.<\/li>\n
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
The pair could correct lower toward $40,800 before it starts a fresh increase.<\/li>\n<\/ul>\n
Bitcoin Price Rises Over 10%<\/h2>\n
Bitcoin price started a 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
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
Bitcoin also trades above $41,200 and the 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
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
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/p>\n
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
Are Dips Limited In BTC?<\/h2>\n
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
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
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $41,200, followed by $40,800.<\/p>\n
Major Resistance Levels \u2013 $42,200, $42,500, and $43,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower toward $40,800 before it starts a fresh increase. Bitcoin Price Rises Over 10% Bitcoin price started a strong increase above the $38,500 resistance zone. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000. 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. Bitcoin also trades above $41,200 and the 100 hourly Simple moving average. 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. 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. Source: BTCUSD on TradingView.com 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. Are Dips Limited In BTC? 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. 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. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $41,200, followed by $40,800. Major Resistance Levels \u2013 $42,200, $42,500, and $43,200.<\/p>\n","protected":false},"author":67,"featured_media":458186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-563869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its rally above the $42,000 resistance. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear","url":"http:\/\/wncen.com\/news\/bitcoin-price-extends-rally-42k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-extends-rally-42k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1182580207.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1182580207.jpg?fit=1000%2C563"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2023-12-05T02:56:53Z","datePublished":"2023-12-05T02:56:53Z","dateModified":"2024-06-11T14:42:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-extends-rally-42k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-extends-rally-42k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1182580207.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1182580207.jpg?fit=1000%2C563\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2023-12-05T02:56:53Z\",\"datePublished\":\"2023-12-05T02:56:53Z\",\"dateModified\":\"2024-06-11T14:42:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1182580207.jpg?fit=1000%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563869"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=563869"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/458186"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=563869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=563869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=563869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}