The Bitcoin bulls appear to be becoming stronger and stronger every day. The price has been up for the fifth week in a row, for the first time since the bull market. The daily RSI had held the critical zone and sought a quick bounce that enabled the price to reach the interim highs. With this, the BTC price rose above the threshold, which may trigger a strong bull run in the coming days.
In the short term, the Bitcoin price rebounded finely after reaching immediate support levels around $35,400, reaching beyond $37,800. On the other hand, the Bitcoin bear market appears to have reached its climax as the MVRV Z-score has risen in the positive range. Previously in history, whenever the levels rose from the negative range, the BTC price triggered a fine bull run. With this, the target for the Bitcoin price of $40,000 has been activated, but will it reach it before the end of the month?
The BTC price is in the mid of a retracement after it faced a rejection from the highs close to $38,000. As the RSI is bearish, a short-term pullback to the immediate support is quite possible, which may trigger a strong rebound back towards $38,000. The bulls here are expected to display acute strength, which may clear the path towards $40,000. Besides, the open interest and funding rates are considerably lower. And hence, the token has formed a better and healthier base compared to last week.
Alongside, the Bitcoin spot premium has been mostly stable despite the big move recorded during the previous day’s trade. This indicates a good amount of spot bids and not a long chase into these yearly highs. Therefore, it indicates that the investors are keen on holding a position in the event that the ETF gets approved. Collectively, bullish flags have been fluttering over the Bitcoin (BTC) price rally, flashing the possibility of sustaining a healthy upswing until the end of the month.
