Bitcoin has been rejected thrice on the 40K level. One of it happened two days ago and two if it within the last 24 hours.
It's expected in the first place. 40K to 50K levels have a lot of strong resistance when compared to 50K to 60K levels. I think Bitcoin will be able to ruin the 41K resistance within the next 48 hours to finish the month of July above 40K. The more Bitcoin tests this resistance, the weaker it becomes as sellers are becoming exhausted and left with no spare Bitcoin or sats to sell.
Traders don't actually sell everything on their bags, they always leave at least half as reserve and as more traders are left with no spare to sell, the resistance becomes weaker. Some may say, they might buy at 38K or 39K and sell again at 41K. One thing for sure, traders love profit but not all profits are acceptable, it must be commensurate to the risks they take. 2K to 3k is not worth the risk for big traders.
However, we must also stay open to the possibility that Bitcoin may not be able to obliterate the 41K resistance. If this happens, Bitcoin may go down but we have a very strong support between 36K to 37K. This may not likely happen but there is always that small possibility. It is just a matter of who gets exhausted first, will it be the buyers or the sellers?
Stay bullish but at the same time cautious and alert.
(As always, this is not a financial or investment advice. Kindly do your own research and exercise utmost diligence.)
