After staying below $40000 for three days, the price of Bitcoin returned above this level again. Today the BTC/USD pair is trading around $40900. It is still difficult to say whether BTC will be able to stay above the psychological mark of $40000 until the end of the week.
Thanks to a new bullish rally, the BTC/USD pair was able to bounce back above the 100-hour simple moving average, as well as break up the important $40000 resistance level.
Moreover, the BTC/USD pair broke through the nearest resistance levels of $40500 and $47500. To continue the rally, the pair needs to break through the nearest resistance level around $41500. A close above this level will set the pace for a move towards the $42500 resistance zone in the near future.
If the BTC/USD pair fails to rise above $41500, it may start a new downward correction. In this case, initial support is around the $40000 level.
A positive factor that can support the coin is the accumulative strategy of the whales. According to Santiment, wallets controlling between 100 and 10000 BTC accumulated 49б11% of the total cryptocurrency supply. Moreover, analysts have no doubt that this figure will reach 50% in the near future.