Bitcoin bounces around in an ascending channel, hitting its three-week upper resistance of $37.8K on Wednesday evening. An intensifying sell-off thwarts attempts to heat the price, but the pullbacks have become less deep over the past three weeks, suggesting the building up of bullish sentiment. At the same time, this relative stabilisation in the range removes local overbought conditions, allowing to stick to gains of the previous advance. A break of resistance could see a quick rise above $40K.