Bitcoin’s (BTC) price has risen over 4% in the past 24 hours, buoying the overall cryptocurrency market.

This price increase has led some investors to speculate that Bitcoin Minetrix (BTCMTX), the presale Stake-to-Mine project, could ride Bitcoin’s coattails as it gears up for exchange listings soon.

Bitcoin Breaks Crucial $40k Barrier Amid Growing Bullishness

Bitcoin is moving again, with the world’s top cryptocurrency pushing past the crucial $40,000 resistance level.

At the time of writing, Bitcoin is trading at around $41,050, the same level it was on Monday.

This latest surge has allowed Bitcoin to move past its 50-day exponential moving average (EMA) on the 4-hour chart, which could signal growing momentum behind the rally.

Additionally, Bitcoin has established strong support around $38,500 over the past few days, giving bulls confidence that any dips could find eager buyers.

This return of positive sentiment is also evident in Bitcoin’s trading volumes, which are up 14% across major spot exchanges in the last day.

The Crypto Fear & Greed Index has also seen a slight uptick to 49, although it remains stuck in “Neutral” territory.

If Bitcoin can continue building on these technical milestones and growing trading volumes, its price could be poised to challenge resistance around $43,500.

GBTC Outflows Slowing While Planned BTC Sale Seen as Minor

Two recent developments suggest growing bullishness around Bitcoin’s price prospects.

First, analysts from JPMorgan believe the majority of selling pressure from Grayscale’s Bitcoin Trust is likely complete.

The fund has seen over $4 billion in outflows since converting to a spot ETF on January 11, putting downward pressure on Bitcoin.

However, with competition from BlackRock and Fidelity’s spot ETFs, additional selloffs from GBTC seem unlikely.

Secondly, the US government