BTC rose to close yesterday at $39,600. Bitcoin’s performance over the past week suggests further upside and confirmation of the bull market. BTC now stays above $40,000, leading to successive gains. If BTC closes in another green candle today, it would reach eight consecutive daily gains. A break below $40,000 before sellers take profits makes the price more unstable. However, bulls should try to buy the sell-off and maintain the upward momentum. If BTC retests $40,000 today and holds the key price level, it will have a shot at rallying to $45,000. BTC needs to hold and consolidate above the major zone around the $40,000 level. So if BTC can consolidate above that, that’s gonna giving it strength to move to the next stage around $42,000. On the contrary, if Bitcoin repeatedly fails to touch the $40,000, then the price will take a sharp turn. It may continue to fall to the range of $36,000-38,000 to seek further support.
Early this week, Grayscale Bitcoin Trust (GBTC) shares discount have narrowed early. It shows that buyers are possibly using the instrument to bet on the recent recovery rally in digital-asset markets. The GBTC shares traded at a discount of 6.6% to net asset value (NAV) recently. It is the smallest margin since June 22, based on data provided by the crypto derivatives research firm Skew. The discount had once widened to 15% in mid-June. It looks like the market’s confidence is recovering.