Bitcoin looks like it is turning the corner at the moment, well, for this month at the very least.

BTC is getting set for its first positive month after a run of six straight losses. We also saw yesterday that price broke out above the previous short-term high after a real battle around the $3,700 mark.

There are a few reasons behind the bullish up tick.

• Long positions up 35% (According to Bitfinex)
• The transactional volume is again on the increase.
• Continued hopes of a BTC ETF
• JP Morgan creating their own in-house cryptocurrency
• ETH holding strong at $100

Some might also suggest that we are ‘due’ for a bounce, but in my opinion, there needs to be something fundamental behind the move.

Bitcoin Technicals

As it stands, resistance at $4,000 is my focus now as we really need to see how price will respond in the next week.

We have started putting in a some higher lows, which is clearly bullish, however, I feel that price needs to reclaim a big level.

Given that we failed on the first bounce to $4,000, the next week should be very interesting.