A few days ago, the level of $ 40,000 appeared as a big mountain in front of the Bitcoin currency, as the currency tried to exceed it on several occasions, but its attempts were unsuccessful, until yesterday when the currency managed to break it and turn it into an important support.

Bitcoin is currently trading at $40,334 with a total market capitalization of $755 billion.

Reasons for Bitcoin Pushing Above $40K:

Perhaps Elon Musk’s tweet was the spark that got bitcoin off the ground, as Musk promised that Tesla would reconsider the bitcoin payment mechanism if 50 percent of bitcoin was mined with clean energy.

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Among the other fundamentals that contributed to the Bitcoin price reaching its highest level in 3 weeks and pushing it above $40K is its inflow out of the trading platforms.

The balance of bitcoin’s exchange flow turned negative on Monday, which is certainly a bullish sign for the world’s largest cryptocurrency.

📈 # bitcoin It reached a 3-week high of $40.8K a few hours ago, and the bullish rally appears to be supported by a healthy influx of money moved from the exchanges today. When the equilibrium flow turns to the downside as it did on Monday, # Stupid Signal. pic.twitter.com/XGHRHqYUmm

– Santimentfeed June 15, 2021

Bitcoin has shown upward momentum over the past few days which has made investors and analysts hope for its upward journey.

Besides, El Salvador’s decision to consider bitcoin legal tender has caused quite a stir with more Latin American countries showing interest in joining the bitcoin bandwagon.

technically be seen Bloomberg analysts say that if Bitcoin manages to surpass the “200-DMA” above $40,500, it will position itself for its next move towards $50,000.

Read:The number of bitcoin holders is on the rise despite the continued bear market!

At the same time, Bitcoin continues to receive praise and support from billionaires.

On Monday, June 14, US billionaire and hedge fund manager Paul Tudor Jones praised Bitcoin, saying it serves as a great diversification tool for the portfolio.

He also announced a 5% portfolio allocation for Bitcoin.

On the other hand, Micro Strategy announced two big announcements.

First, it has successfully completed the transfer of $500 million in corporate bonds due in 2028, and the company is considering investing that amount in Bitcoin.

As of now, MicroStrategy holds more than 92,000 bitcoins in its vault, with a total investment exceeding $2.2 billion.

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The second news is that MicroStrategy is now considering a public sale of Class A common stock through an open market agreement.

In this filing, MicroStrategy wrote:

We intend to use the net proceeds from the sale of any Class A common stock offered hereunder for general corporate purposes, including the acquisition of Bitcoin.

The company further clarified:

Concentrating our bitcoin holdings enhances the risks inherent in our bitcoin acquisition strategy.

Serving our debts will require a great deal of cash, and we may not have enough cash flow from our business to pay our debts.

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