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Bitcoin’s value is approaching the coveted mark of $40,000 — a height it hasn’t experienced since the sudden destabilization of TerraUSD in May 2022. 
At the time of writing, the value of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) was hovering around $39,653, having seen a 2.1% increase in just 24 hours, according to data from CoinGecko. 
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 <img loading="lazy" decoding="async" width="1200" height="1200" src="https://crypto.news/app/uploads/2023/12/image.png" alt="Bitcoin nears $40K: bullish indicators suggest upward momentum - 26" class="wp-image-14222807">
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 Bitcoin price chart. Source: CoinGecko
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BTC’s bolstering indicators, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO), suggest a positive momentum maintained by the bulls. 
Per analysts, the increased buying pressure might propel the coin to exceed its current high and reach the $40,000 threshold. 
They have pegged this bullish drive down to several factors. Firstly, the expected approval of spot Bitcoin <a href="https://crypto.news/mike-novogratz-bitcoin-poised-for-flight-over-ath-on-spot-btc-etf-approval/" target="_blank" rel="noreferrer noopener">ETFs</a> between Jan. 5 and 10, 2024, has created a wave of anticipation. 
Secondly, historical data shows that BTC typically sees strong performances in the final quarter of the year. Furthermore, the upcoming Bitcoin <a href="https://crypto.news/bitcoin-halving-to-reduce-miner-revenue-by-50-glassnode/" target="_blank" rel="noreferrer noopener">halving</a> event scheduled for April 2024 is another significant milestone on the horizon.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoins-latest-price-surge-80-of-holders-at-profit/"> Bitcoin’s latest price surge puts over 80% of holders at a profit </a> 
But perhaps the most substantial driving force, according to market watchers, is the forthcoming Federal Reserve <a href="https://www.businessinsider.com/economy-slowdown-interest-rates-outlook-federal-reserve-cuts-next-year-2023-11" target="_blank" rel="noopener">rate</a><a href="https://www.businessinsider.com/economy-slowdown-interest-rates-outlook-federal-reserve-cuts-next-year-2023-11" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.businessinsider.com/economy-slowdown-interest-rates-outlook-federal-reserve-cuts-next-year-2023-11" target="_blank" rel="noopener">cuts</a>, anticipated to commence by March next year. 
Over the week, reports emerged that the Securities and Exchange Commission (SEC) had <a href="https://crypto.news/bloomberg-blackrock-and-grayscale-meeting-with-sec-about-bitcoin-etf-issuance/" target="_blank" rel="noreferrer noopener">discussions</a> with Grayscale, <a href="https://crypto.news/bloomberg-blackrock-and-grayscale-meeting-with-sec-about-bitcoin-etf-issuance/" data-type="link" data-id="https://crypto.news/bloomberg-blackrock-and-grayscale-meeting-with-sec-about-bitcoin-etf-issuance/">BlackRock</a>, and Nasdaq about their Bitcoin ETF applications. This development could invite a broader audience to invest in Bitcoin without directly purchasing and storing the crypto. 
Crypto trader Arthur Hayes was also at the forefront of pushing positive sentiment around BTC. In a recent blog <a href="https://cryptohayes.substack.com/p/panda-power" target="_blank" rel="noreferrer noopener">post</a>, he posited that a weakening dollar will allow China to implement a substantial round of stimulus. 
Additionally, recent data shows BTC stored in exchanges <a href="https://www.cnbc.com/2023/11/22/whats-next-for-binance-after-doj-settlement-departure-of-changpeng-zhao.html" target="_blank" data-type="link" data-id="https://www.cnbc.com/2023/11/22/whats-next-for-binance-after-doj-settlement-departure-of-changpeng-zhao.html" rel="noreferrer noopener">decreased</a> by more than $1 billion, suggesting increased confidence in long-term Bitcoin holdings. 
 Read more: <a href="https://crypto.news/bitcoin-could-reach-125000-by-end-of-2024-matrixport-forecasts/"> Bitcoin could reach $125,000 by end of 2024, Matrixport forecasts </a>

Bitcoin nears $40K: bullish indicators suggest upward momentum

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