At the same time, capitulation of short-term investors who bought at the top and hold positions at a loss is not ruled out.

The crypto market is affected by the uncertainty associated with geopolitics and the course of the US Federal Reserve.

Bitcoin rose 2.2% on Tuesday, ending the day at around $39,600. The total capitalization of the crypto market, according to CoinGecko, added 2.1% per day, to $1.84 trillion.

Bitcoin at the beginning of the day tried to break through the $40,000 level, but could not overcome the resistance and rolled back down. BTC growth resumed in the American session against the backdrop of rising US stock indices. Stock indicators showed a noticeable rebound after a three-day fall, which is what the first cryptocurrency tried to take advantage of.

However, BTC again failed to break the $40,000 mark. Bitcoin has been consolidating below this level for almost a week, resistance to which is reinforced by the nearby 50-day moving average. BTC is supported by the declining balance of the cryptocurrency exchange, which, according to CryptoQuant, fell to its lowest level since the fall of 2018.

Meanwhile, Glassnode believes that bitcoin investors may be waiting for the final capitulation that has always come before the end of previous bearish cycles. This is indicated by the high proportion of "unprofitable" coins among short-term holders, writes RBC.

At the same time, the uncertainty associated with geopolitics and the Fed rate weakened the accumulation of BTC by hodlers and caused an increase in sales on their part.