Bulls Back In Control? Why Bitcoin Miners Could Be The Key To Break $40,000

Bitcoin trades at the high of its current range after a short squeeze pushed it beyond all resistance levels. The first cryptocurrency by market cap records a 13% profit on the daily and a 21.1% profit on the weekly chart and trades at $38,622. The move to the upside came as a surprise for most of the traders as Bitcoin’s price on Binance Futures even managed to break above $48,000 for a brief moment. Funding rates across exchange platforms were negative and have since turned positive as traders seem to expect further upside. QCP Capital claims that the general sentiment in the market has flipped “decisively bullish into the weekend”. When BTC’s price approached the $35,000 and $36,000, bears displayed weakness and were unable to support a compelling pullback. The main catalyzer for this short squeeze came from Amazon and their alleged plan to integrate Bitcoin and other cryptocurrencies into their platform. QCP Capital said: In spite of the sharp move higher, the market does not feel particularly stressed. Vols have rallied only modestly and only in the very short dates. Furthermore, risk reversals remain skewed to the downside even as we close in on the 40k pivot level in BTCUSD. Thus, the firm believes the move to its current high is a bounce-back into a “neutral state” after an extended period of selling pressure. $40,000 is currently a major resistance zone, Bitcoin has been rejected ar...