Bitcoin is trading above $41,000, in a rebound above $40,000 mark, in what is reportedly a make or break level as exchanges record an unprecedented drop in BTC reserves.
The token showed no signal of dropping further at $40,500 as volatility remains high until Thursday with no signs of sentiment change.
Renowned trader, Crypto Ed, notes that if the 40,500 holds, the tokens are projected to rise to between 42-43k, while a drop below could drop lower.
Blockware insights analyst, William Clemente, notes that cryptocurrency exchanges are losing BTC reserves faster, and the demand-supply imbalance is expected to cause a price surge.
Analyst TechDev, says that despite the token not demonstrating a strong bullish momentum, a bearish sentiment will not be seen anytime soon. The analyst adds that BTC shows a significant correlation with the traditional assets despite dropping almost half since hitting ATH.