Bitcoin price wavers at $40,000, but on-chain and technical data hint at early signs of a recovery.
Bitcoin (BTC) price has fallen 20% since the launch of spot Bitcoin ETFs in the United States. BTC dropped to $38,000 on Jan. 23. However, Bitcoin whales have used the recent pullback to buy on the dip as bulls aim to reclaim $40,000.
Data from Cointelegraph Markets Pro and TradingView showed a BTC price rise to $40,000 on Jan. 25, but intraday price action suggests holding the level will remain a challenge.
Let’s take a look at the factors that have traders feeling optimistic about a Bitcoin price recovery above $40,000.
