Traders look for the Bitcoin price at $ 41,000 daily to confirm the bullish reversal

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Bitcoin started the week with a strong breakout at $ 40,900, but today bulls are trying to keep Bitcoin price above the $ 40,000 level.

When the price broke from the $ 31,000 range to $ 39,000 on June 14, traders speculated that setting a higher daily high and closing price above $ 41,000 would prepare BTC for a surge to $ 47,000, however a lack of sustained buying volume and the much debated possibility of a death cross between the 50- and 200-day moving averages are factors that could make traders wary.

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BTC / USDT daily chart. Source: TradingView

According to Simon Peters, an analyst at eToro:

“Bitcoin is at its highest level since May, a remarkable rebound, but the crypto asset has yet to break through convincingly – and above all close above the $ 41,000 mark.

While sentiment has improved and futures premiums rebounded from nearly backwardation last week, analysts cannot confirm that the uptrend has resumed.

Peters said:

“We saw the price encounter resistance at this level earlier in the year when it was trading around the then all time high and I would really have to see a bigger rise to be optimistic that the price will recover, and possibly pushes. “to $ 50,000 and beyond.”

The mood has improved, but the market is flat

Deribit Bitcoin Options 25% Delta Skew. Source: laevitas.ch

Regarding the June 14 lack of follow-through from Bitcoins Pump, Cointelegraph analyst Marcel Pechman shared the graph above, saying that while the 25% delta skew no longer signals that there is extreme fear in the market.

Pechmann said:

“Arbitrage desks and market markers are currently uncomfortable with the price of Bitcoin, as the premium for neutral to bearish put options is higher. The current positive bias of 7%, however, is far from the exaggerated fear of 20% observed in late May. “

While day traders are undecided about the status of the trend, a number of on-chain metrics, including the Hodler Net Position Change, show that investors are getting the most recent drop to $ 30,000 and Bitcoin’s current price at $ 40,250 still see it as an excellent buying opportunity.