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Bitcoin Price Forecast: BTC Makes A Massive Run For $40,000 As Investor Sentiment Shoots Up

  • Bitcoin price breaks out amid a tight squeeze as bulls aim for recovery above $40,000.
  • Vivid buy signals splashed within BTC’s short-time frame could sustain the uptrend.

Bitcoin price soared by nearly 20% following a massive bullish comeback toward the end of the weekend and the start of the new week’s trading. The bellwether cryptocurrency had already confirmed support above $32,000, allowing bulls to focus on levels heading to $40,000

Several resistance levels were pushed into the rearview, including the 50 Simple Moving Average (SMA), the 100 SMA, and $36,000. Bitcoin nearly brushed shoulders with $40,000 but is trading at $38,276 at the time of writing.

Is Bitcoin Price Uptrend Sustainable?

Several technical indicators have vivid buy signals in the four-hour timeframe, hinting at the breakout gaining traction. The Moving Average Convergence Divergence (MACD) has confirmed the bullish outlook following a recently confirmed buy signal. This call to sell manifested after the 12-day exponential moving average crossed above the 26-day EMA.

As the MACD settles above the mean line, the odds for a sustained uptrend significantly increased. The same massive bullish outlook is supported by the Relative Strength Index (RSI) movement from around the oversold area to the overbought region.

A sharp upward move in this technical tool highlights the growing bullish grip. Hence, Bitcoin’s least resistance path remains upward, at least for now.

BTC/USD four-hour chart

Live Chart

A confirmed break above $39,000 validates the upswing as bulls gaze at trading beyond $40,000 within the upcoming sessions. Note that gains above $40,000 could also trigger another massive rally. Some resistance is expected at the 200 SMA on the four-hour chart, while $50,000 may be the next rendezvous for the bulls.

Bitcoin Intraday Levels

Spot rate: $38,434

Trend: Bullish

Volatility: High

Support: $38,000 and $35,000

Resistance: $39,000 and the 200 SMA

   

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