Bulls Power Bitcoin to $44,000
Bitcoin (BTC) Continues to Surge, Reaching $44,000 as Wall Street Opens
Bitcoin (BTC) saw further gains as Wall Street opened on December 5, rising to $44,000. Data from Cointelegraph Markets Pro and TradingView revealed a new rally as Bitcoin surpassed altcoins on Bitstamp, reaching $44,011. The 10 percent increase during the week made it the highest level since April 2022.
According to the famous trader and analyst Rekt Capital, the $44,000 level is the highest point of the range, which has occurred several times since the beginning of 2021. He noted that Bitcoin has successfully recaptured the High Range resistance at ~$43,900 and has a history of reclaiming the black level. As a result, there is still a high chance that the price will reach levels above $40,000 again.
Derivative products took the lead in the markets along with spot products. According to CoinGlass data, more than $100 million in crypto short positions have been wiped out so far, with liquidations occurring step by step.
As concerns about potential manipulatory moves by large-volume traders have been raised, some market participants are keeping an eye on potential selloffs. However, commentators like Michaël van de Poppe and Matthew Hyland remain optimistic, with van de Poppe stating that as long as Bitcoin stays above $39,000, the chances of it reaching $30,000 are becoming very slim.
Matthew Hyland also shared RSI data to show that bullish sentiment is still ongoing, with the daily RSI at 80 at the time of writing. 10 points of this range may indicate overbought conditions, but analysts remain hopeful for further gains. With Bitcoin continuing to make significant gains in the market, the digital currency is definitely one to watch in the coming weeks.
