With the weekly Golden Cross just around the corner, Bitcoin (BTC) price could rise above $40,000!

There appears to be a major reversal in market sentiment as the star cryptocurrency sparks a significant rally heading towards its next target. Short selling is being crushed, and huge long bets are being made. This is leading to increasing optimism among market participants, which in turn is increasing the intensity of the rally. After a slight decline, BTC dominance is rising again, suggesting liquidity is flowing back into the star cryptocurrency.

As the price of Bitcoin has steadily risen, there has also been a significant surge in activity on the network. The BTC hash rate, which measures network activity, has reached its peak. Earlier this month, the Bitcoin network hash rate hit an all-time high of 570.92 million TH/s, according to data from ycharts.

Increasing the hash rate usually means more computing power is needed to confirm transactions and add them to the network, making the network more secure. As networks become more secure, investor confidence in cryptocurrencies will increase, which could certainly impact prices in the long term.

At the same time, BTC price is getting closer to achieving a large-scale move as technical experts have been sending out huge bullish signals. Recently, the price experienced its first weekly dead cross in history, and now it may face its first weekly golden cross.

The weekly 50-day moving average and 200-day moving average are closer to bullish crossovers that can occur in just a few days. This could provide the necessary pressure to the BTC price, which is working hard to close the week above the important resistance level. If the bulls maintain their uptrend, the target above $40,000 could easily be achieved and build a strong support base for Bitcoin to end the year on a strong note.