The weekly chart of Bitcoin (BTC) appears to have entered the green zone for the first time in a while, with 24 hours gain of 2.4% and a weekly price gain of 1.4%.  This only signals that the price of the digital asset is soon gearing for an upwards bullish momentum in the near future.

Bitcoin on a Bullish Reversal Trend

In April 2021, Bitcoin’s price reached an all-time high of $65,000 to see a price crash of around $30,000. Since then the price of the digital asset has been fluctuating around $35,000 over the past few weeks.

On June 8^th, the price of the leading cryptocurrency surged to around 20% after reaching a low of $31,000 to an intraday high of $37,450.

The move was seen as a bullish development for many including Mike McGlone, senior commodity strategist at Bloomberg Intelligence, who sees Bitcoin is more likely to reach $40,000 than collapse down to $20,000.

While traders such as Rekt Capital see that Bitcoin needs to have a weekly close above $32,000 to avoid the further downside.

#BTC is now at Weekly support (black; ~$32000)

Wicking into the orange area (~$29000) is fine as long as $BTC can Weekly Close above the black level later this week#Bitcoin pic.twitter.com/iDtjHdphKj

— Rekt Capital (@rektcapital) June 8, 2021

Bullish Events Pushing BTC’s Price Higher

Additionally, Bitcoin has seen a bit of positive news in recent weeks that might have pushed the price of the flagship cryptocurrency higher after its price collapse in May.

For instance, earlier this week, El Salvador became the first country in the world to adopt Bitcoin as a legal tender.

At the same time, a group of energy-conscious North American Bitcoin mining companies debuted The Bitcoin Mining Council on 10^th June in an effort to practice sustainable bitcoin mining.

Meanwhile, Bitcoin’s stock-to-flow model has hit a rebound level that was last seen since the cryptocurrency saw an all-time high in 2017, indicating a bullish price signal.

S2F model:

It’s a long time since price has been this far below S2F line.

Divergence oscillator at bottom of the chart is highlighted by the orange dotted line and arrows to show comparable historical periods.#bitcoin price rebounded hard from such divergence previously👀🚀 pic.twitter.com/n85sGuT2YQ

— Philip Swift (@PositiveCrypto) June 10, 2021

A stock-to-flow measures the relationship between the currently available amount of an asset and its production rate, where the amount of circulating BTC available is measured against the amount of new BTC that are being mined.