The world’s biggest cryptocurrency has risen around 17% this week so far to $40,403 on Thursday, according to Bloomberg data, after positive comments from Elon Musk and rumours that Amazon could accept crypto payments.
“Right now, it’s do-or-die for the bulls,” said the Kraken crypto exchange in a note.
“Given BTC’s struggles at cracking $40,000 to $42,000 resistance in the past, the bulls will, however, need to turn $40,000 to support should they look to breakout of what has been several months of rangebound trading between $30,000 to $42,000,” it added.