Bitcoin price is currently hovering around the $40,000 mark after breaking out of the $35k resistance and forming good support at $38,800. The top cryptocurrency hit a monthly high of $40,816 earlier today before retracing under $40K again. The on-chain data suggest traders have turned bullish again as they expect BTC to solidify its position above $40K.
BTC has recorded eight straight green daily candles and is on its way to the ninth as its price rise above $40,000.
Source: TradingView
BTC also recorded the largest single-day exchange outflow in one year as nearly 57,000 Bitcoin left crypto exchanges. The large movement of BTC away from exchanges suggest the market sentiments have started to turn bullish again after prolonged two months of bearish sentiments dominating the market.
Source: CryptoQuant
Another data that points towards the improving confidence of traders is the Bitcoin Fear and Greed Index. The Index was at 10 only last week indicating extreme fear among investors, now
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