We have prepared well for this event

Bulls got a nice strong upside towards 40k major resistance level. Almost 11B of shorts were liquidated within 24hrs. It's good to take off some profits now too.

Do take note of the down sloping supply line running from the previous peak (in dotted green). The 40k resistance level and the sloping line confluence is super critical to watch for now. If we get a break to the upside, it will be extremely bullish for more buy activity for the coming weeks. On the other hand, selling can also happen at this junction. As I mentioned, BTC is still in a neutral zone (neither bullish nor bearish), therefore volatility will be present and BTC can be in range bound for few more weeks until the price move past the down sloping line.

Therefore lock in some profits if that's possible and prepare for another re-entry at the lower level when the opportunity arises.