Bitcoin Price Forecast: BTC Starts Journey to $40,000 After Dropping $28,000

Bitcoin rallied above $30,000 after a gruesome session on Tuesday. Technical levels are on the rise as investors bounce back with a bang. Bitcoin traded to monthly lows of $28,000 on Tuesday, leaving most investors disappointed. The sudden drop below $30,000 may have allowed new traders to take advantage of lower entry prices. At the time of writing, the major cryptocurrency has dropped above $30,000 and is seeking support above $34,000. The rebound appears to be supported by short-term technical levels. Therefore, the path of least resistance could be upwards on the four-hour time frame. Bitcoin price rises to $40,000 At the time of writing, BTC is changing hands at just over $40,000. The rise, which started at $28,000, is supported by the Relative Strength Index (RSI) on the 12-hour chart. Keep in mind that when the RSI recovers from levels close to oversold, the bulls are getting stronger. Further support will allow stability to return to the market. BTC/USD 12 Hour Chart Tradingview BTC/USD Price Chart Recovery towards $40,000 awaits confirmation from the Moving Average Convergence Divergence (MACD) indicator. After the last drop, this tech tool fell into negative territory, triggering massive sell orders. However, as the recovery continues, traders should pay attention to the MACD to confirm the validity of the uptrend. Notice that a buy signal appears as soon as the MACD line rises above the signal line. Also, crossing the MACD above the signal line will definitely strengthen the presence of the bulls in the market. On the upside, bitcoin must clear the key $36,000 hurdle, marked by the 50 Simple Moving Average (SMA) on the 12-hour chart, to secure a rise to $40,000. On the downside, holding above $34,000 is key to reducing the overhead pressure. Additionally, losses of up to $30,000 are avoided. Bitcoin Price Intraday Levels Spot Price: $33,937 Trend: Bullish Vo

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