A surge towards $40,000 brings hope to those who have endured months of bearish drawdowns, but is it enough to continue the bull market?
Bitcoin (BTC) is nearing $40,000 this Monday as a new week gets underway with a bang for bulls.A calm but confident weekend culminated in a dramatic run-up overnight Sunday, with BTC/USD swiftly nearing the top of its multi-month trading range.With favorable fundamentals and a lot of liquidated bears, Bitcoin looks set to investigate levels not seen in several weeks.What could shape price action as the week continues? Cointelegraph takes a look at five factors to consider when charting BTC price action in the coming days.Bitcoin sets eyes on $40,000Spot price action is, naturally, the topic on everyone’s radar at present — in 24 hours, Bitcoin has sealed gains of nearly 15%.While not yet flipping $40,000 to resistance, current levels have not been around since mid June, and appetite for bullishness is palpable.It began slowly following last week’s “The B-Word” conference, which featured praise of Bitcoin from the likes of Jack Dorsey and Elon Musk.A breakout was not immediately apparent, however, and progress was slow as analysts remained wary of a market that they thought could still easily collapse to new cycle lows.In the event, however, Bitcoin slowly inched up through the week, taking out $34,500 over the weekend and opening up the prospect of a run higher.An impulse move was widely anticipated, including by Cointelegraph contributor Michaël van de Poppe, with potential targets lying within the established medium-term range with $42,000 as its ceiling.On Monday, however, even van de Poppe appeared taken aback by the veracity of the move higher, calling it a “surprise.”“After such a move of Bitcoin, altcoins will follow suit,” he predicted on Twitter.
