Bitcoin (BITCOMP) has fallen over 8% since the start of 2022, but has rebounded and is back above the $43,000 level. At the time of reporting, the apex cryptocurrency is trading at around $43,476.81, approximately 6.38% higher in the last seven days. 

As BTC begins to stabilize, a lot of investors are starting to believe the test of the $40,000 level is over. 

CrossTower’s Martin Gaspar and Katherine Webb on Friday said that Bitcoin’s reserve risk, a measure of confidence of long-term BTC holders, is currently lower than it was at the coin’s last bottom in July 2021, and now stands in the “buy” zone, which could give “more weight to the indication that this is a bottom.”

According to Marko Papic, the chief strategist at Clocktower Group. Bitcoin’s correlation with the S&P 500 remains at one of its highest readings in the past 12 months. In this environment, “you don’t want to own high-beta risk assets,” he said. “You want to own things that are much more sensitive to value, much more sensitive to global growth and cyclical, and that’s why I don’t think crypto and Bitcoin are going to do great over the next three to six months.”

Meanwhile, Macro Strategist at Fidelity Jurrien Timmer tweeted that Bitcoin may have found a new level of support that’s 33% higher than previously believed.

Timmer added, “To me, this is further evidence that 40k could be a major line in the sand, much like 30k was last year.” He believes that Bitcoin remains a store-of-value asset, just like gold.