The price of bitcoin finally closed above 41K, a level that acted very stubbornly over the past two months.
Next Level Up...
After being range bound between 29k and 41K price has finally done what everyone wanted. Granted volume was very light during the consolidation so it was a matter of time before volume picked up and we got a decisive move.
Though volume is still low in the grand scheme of things, it did pick up a little but on this move higher relative to the prior few weeks.
The fact that volume remains low can mean a few things, but one of them is there just weren't many sellers anymore and buyers were able to easily push price without having to go whale mode.
The daily candle that just closed about an hour ago was the price confirmation of 41K finally being breached. Now price needs to maintain above it for the next candle or two for the breakout to be confirmed in my opinion.
Ideally price continues to run higher so we don't even need to worry about it.
The next upside target for bitcoin is the area around 45,200 which represents a prior reversal point. After that I'm eyeing the 50K level.
Either way, atleast we have some directional action after a few months of sideways!