Bitcoin (BTC) cut $44,000 late on December 5 as the Wall Street trading session brought more BTC price gains.
Bitcoin puts more pressure on the downside.
Data from Cointelegraph Markets Pro and TradingView showed a fresh surge in Bitcoin as it reached $44,011 on Bitstamp, outpacing the altcoin.
Calculating a 10% weekly gain, this marks the highest level since early April 2022 and represents a key challenge to significant resistance.
As noted by renowned trader and analyst Rekt Capital, $44,000 constitutes the high point of a range that has occurred several times since the beginning of 2021.
“Bitcoin successfully revisited the range-high resistance of ~$43900,” he said. continued In a follow-up comment on X (formerly Twitter).
“Bitcoin has a history of recovering from black levels, so it is still possible for the price to bounce back above $40,000. “It is important to watch the re-examination in the meantime,” he said.
In the market, derivatives took the lead by following spot. The liquidation took place in stages, with more than $100 million worth of cryptocurrency shorts wiped out to date as of this writing, according to data from statistics resource CoinGlass.
CoinGlass is also the latest move to account for the largest share of potential short-term liquidations on Binance, the largest global exchange.
The chances of getting back $30,000 are “very slim”
As Cointelegraph reported, concerns from some high-profile market participants focused on potential manipulative moves by large traders.
Related: Bitcoin Short-Holder Sales Approach $5 Billion as 2021 Mimicking Monetization
Previous analysis has shown that such a move could result in significant selling to lock in profits while minimizing downside from new records.
But optimists had little time to be cool.
“Bitcoin is on its way to reaching the pre-halving $48.5-50.5K point,” said Michaël van de Poppe, founder and CEO of trading firm MN Trading. responded.
“We’ve always done this in previous cycles. I think I’ll see you here again. As long as it stays above $39,000, things are looking good. “The chances of Bitcoin reaching $30,000 are becoming very slim.”
Fellow commentator Matthew Hyland used Relative Strength Index (RSI) data to predict that there is still room for further upside.
It’s almost the final boss. #BTC For RSI, in this range
As I originally said, if you get a god candle or just keep grinding upwards like you have been doing; There is a good chance that this issue will be resolved in RSI and price, which will open the door to much higher prices later this month… https://t.co/GYlQO1BJA8 pic.twitter.com/0yWh5q17kA
— Matthew Hyland (@MatthewHyland_) December 1, 2023
Nonetheless, the daily RSI is at 80 at the time of this writing, 10 points within the range, which may suggest overbought conditions.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.