Bitcoin Price May Drop to $40,000, Key Indicators Suggest
The price of Bitcoin (BTC) is approaching the psychological level of $40,000 and could erase it before undergoing a correction. Several bullish indicators, including the Relative Strength Index (RSI), have strengthened the prospects for further price increase. The RSI, a momentum indicator, indicates increasing momentum with its position at 68, suggesting there is still room for upward movement before the cryptocurrency king could be considered overbought.
Furthermore, the Awesome Oscillator (AO) is in positive territory, with green bars on the chart, indicating that the bullish camp is leading the market. Therefore, increased buying pressure could see the price of Bitcoin rise from the current level of $39,462 (as of 8:00 AM GMT), surpassing the recent high within the range of $39,778 before testing the psychological level of $40,000.
Furthermore, the Awesome Oscillator (AO) is in positive territory, with green bars on the chart, indicating that the bullish camp is leading the market. Therefore, increased buying pressure could see the price of Bitcoin rise from the current level of $39,462 (as of 8:00 AM GMT), surpassing the recent high within the range of $39,778 before testing the psychological level of $40,000.
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