What does Bitcoin need to breach $41,000 again?

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Bitcoin ^[1] has been in the news a lot lately, mostly due to its exponential price performance over the past few weeks. However, at the time of writing, BTC was trading at a level that was nearly 8% lower than its ATH of $41,941, based on data from CoinMarketCap.

While BTC has repeatedly attempted to breach the $40,000-level, these attempts have either been brief or unsuccessful. It would therefore seem that the increasing active supply on exchanges has posed a challenge to Bitcoin’s ^[2] price rally.

While some HODLers and retail traders are selling, many other retail traders and institutions who bought Bitcoin above the $30,000-level have accumulated and instead, may be protecting the asset from a cascading sell-off. As Bitcoin ^[3] continues to leave exchanges and hit wallets or reserves, there is a possibility that reserves may continue to drop till they hit December 2020 levels.

Bitcoin’s Price Chart || Source: Coingecko ^[4]

Based on the attached chart, the cryptocurrency’s price has ranged between the $37,000 and $40,000-level for the past 24 hours. While there is enough volatility, despite the increasing volume, Bitcoin’s price hasn’t sustained itself above the $40000-level for over a few hours. The rebound is a signal of the positive sentiment in the market, but based on data from Skew charts, Bitcoin is rebounding toward $40,000 backed by relatively low volumes.

Aggregate Hourly Volume || Source:

What does Bitcoin need to breach $41,000 again?

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