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Launching in 3, 2... Here's why Bitcoin breaking $40,000 is different than last time

Published 02/06/2021, 09:00 AM
Updated 02/07/2021, 11:00 AM
Launching in 3, 2... Here's why Bitcoin breaking $40,000 is different than last time

The price of Bitcoin (BTC) broke above $40,000 on Feb. 6 for the first time in 23 days. But this time, the market sentiment is a lot calmer with a less overheated derivatives market.

The combination of a less crowded Bitcoin futures market, the selling pressure from whales peaking, and a fast recovery could help BTC stabilize above $40,000 this time.

Bitcoin exchange data with whale orders (brown line). Source: Material indicators
Whale cluster support levels. Source: Whalemap

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