Bitcoin needs to hold above $40,000 for a shot at redemption
Bitcoin broke back above $40,000 yesterday but can it hold?
Bitcoin price action continues to center around Elon Musk's mood for the most part, though the cryptocurrency also got a bit of endorsement from Paul Tudor Jones yesterday.
The latest push up in the price is encouraging as it manages to crack the $40,000 level into the daily close but the work isn't done yet for buyers.
The first key step is to keep above the figure level and the next key test is that of the 200-day moving average (blue line) - seen near $42,605 currently.
Unless buyers break above the key technical level, there is still room for sellers to step back in to try and exert some downside pressure once again.
A fall back under $40,000 brings back the recent volatile range in between $32,000 to $40,000 and that will continue to test buyers' resolve after several attempts by sellers in trying to work their way towards the pivotal $30,000 mark.