On December 5th, Bitcoin (BTC) reached $44,000, marking a significant surge in price during the Wall Street trading session. This latest rally has put more pressure on bears, as Bitcoin outpaced altcoins to reach its highest level since early April 2022.
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin’s week-to-date gains are at 10%, signifying a challenging resistance for the cryptocurrency. Rekt Capital, a popular trader and analyst, notes that $44,000 is the high point of a range that has occurred multiple times since early 2021.
Derivatives led the charge in the markets, followed by spot trading. Liquidations took place as well, with over $100 million in crypto shorts being wiped out on that day alone, according to CoinGlass. The liquidation heatmap for Binance showed that the latest move spiked through the majority of likely short liquidation levels.
Concerns were raised by some market participants regarding potential manipulatory moves by large-volume traders, which could lead to a significant sell-off. However, optimists believe that Bitcoin is on its way to reach the $48,500-$50,500 marker before the halving. As long as Bitcoin stays above $39,000, the chances of it reaching $30,000 are getting very slim.
Matthew Hyland, a fellow commentator, predicts further upside continuation based on the relative strength index (RSI) data. The daily RSI currently stands at 80, indicating overbought conditions.
It’s important to note that this article does not provide investment advice or recommendations. All investment and trading decisions should be made after conducting thorough research.