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Bitcoin (BTC) Price Hits $40,725, Bulls Eye Next Resistance Levels

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 04, 2023 | 2 min
Updated on Dec 04, 2023
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  • Bitcoin (BTC) surges to $40,725, showing bullish momentum with a focus on breaching key resistance levels.
  • RSI at 84 indicates overbought conditions, but MACD suggests continued upward movement.
  • Chart analysis reveals a bullish trend above $40,000, with a focus on the next resistance at $41,267.

In the dynamic and often unpredictable world of cryptocurrency, Bitcoin (BTC/USD) continues to capture attention with its significant market movements. As of December 4, Bitcoin’s value has climbed to an impressive $40,725.05, marking a 3.35% increase in the last 24 hours. This surge in value is accompanied by a substantial trading volume of $19,645,134,995, reinforcing Bitcoin’s dominant position with a robust market capitalization of $796,602,814,444.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin (BTC) Price Prediction: Technical Outlook

The 4-hour technical chart reveals a bullish trend for Bitcoin, with a notable pivot point established at $39,027. This level is pivotal in determining Bitcoin’s short-term trajectory. Resistance levels are identified at $41,267, $42,523, and $44,832, each representing potential hurdles for Bitcoin’s upward movement. Conversely, support levels at $37,703, $35,462, and $34,206 are crucial in providing a safety net in case of any downward price corrections.

The Relative Strength Index (RSI) stands at a high 84, signaling an overbought market condition. This suggests that Bitcoin BTC may be due for a consolidation or slight pullback, though the bullish sentiment is still strong, as indicated by the RSI’s position well above the 50 threshold. Complementing this is the Moving Average Convergence Divergence (MACD), with a MACD line at 138.41 and the signal line at 631.73, hinting at sustained upward momentum.

Moreover, Bitcoin is currently trading above its 50-day Exponential Moving Average (EMA) of $38,543. This position above the 50 EMA is typically interpreted as a bullish indicator in the short-term trend analysis. However, given the inherent volatility in the cryptocurrency market, traders and investors must remain cautious and alert to any sudden changes or potential trend reversals.

An important chart pattern observed in Bitcoin’s recent price movement is the upward channel breakout, accompanied by a ‘three white soldiers’ candlestick pattern. This combination strongly indicates a continued buying trend, especially as Bitcoin stays above the significant $40,000 mark.

In conclusion, the overall trend for Bitcoin BTC appears to be bullish, especially if it maintains its position above the $40,000 level. The short-term focus will be on challenging and potentially surpassing the immediate resistance levels. For effective navigation in the volatile cryptocurrency market, it is crucial for investors and traders to keep a close watch on these technical indicators and chart patterns. This vigilance will be key in capitalizing on potential opportunities and mitigating risks associated with Bitcoin’s price fluctuations.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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