Bitcoin Technical Analysis Report | 04th-December-2023


Bitcoin recently surged past the $40,000 mark for the first time since late April 2022, marking a notable climb of around 2% within 24 hours. Data indicates that Bitcoin saw a significant leap from just under $39,500 to surpass the $40,000 threshold on December 3rd, achieving a 19-month high. This spike also signifies a fresh year-to-date peak for Bitcoin, with an impressive surge of over 140% since January 1. Bitcoin is currently experiencing a significant boost, driven largely by the anticipation that the SEC could approve a spot Bitcoin ETF as soon as January.

At the time of writing, BTC was trading at $40,580.

Bitcoin Monday Daily Chart | 04th December 2023
Bitcoin (BTC) Chart

Bitcoin was taking multiple supports at the key level of $25,000 (Horizontal Trendline & 50% Fibonacci Retracement Level) and trading from $25,000 to $28,500. The asset finally gave a breakout above the range and surged up to $40,872 by forming a ‘Higher Higher Higher Low’ pattern. The bulls have broken the key psychological resistance of $40,000. If the prices close, sustain and hold above this level then, we may expect the asset to further rally to $48,000.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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