BTC Makes A Massive Run For $40,000 As Investor Sentiment Shoots Up

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  • 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

BTC/USD price chart
BTC/USD price chart by Tradingview

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

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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