Bitcoin Bulls Charge to $44K as Week-to-Day BTC Price Gains Surpass 10%
Bitcoin (BTC) dropped $44,000 on December 5th as the Wall Street trading session featured more rapid BTC price gains.
Bitcoin puts more pressure on the bear
Data from Cointelegraph Markets Pro and TradingView followed a new round for Bitcoin as it outperformed altcoins and hit $44,011 on Bitstamp.
With week-to-day gains of around 10%, this marks the highest level since early April 2022 and represents a key challenge to higher resistance.
According to renowned trader and analyst Rect Capital, $44,000 is the highest range point that has occurred several times since the beginning of 2021.
“Bitcoin has successfully visited the high resistance of the range at ~$43900,” he continued in the next comment on X (formerly Twitter).
“Bitcoin has a history of returning to the black level, so the price may still revisit the high of $40,000. In the meantime, it's worth trying again.”
In the markets, derivatives led the charge, followed by the spot. Liquidations came in stages, with more than $100 million in crypto shorts disappearing on the day of writing, according to data from statistical resource CoinGlass.
CoinGlass has shown its latest activity to take the lion's share on the largest global exchange Binance.
The chances of finding the $30,000 again are “very slim.”
As Cointelegraph reported, concerns among some prominent market participants centered on possible fraudulent activities by large-scale traders.
RELATED: 2021 Profit Forecast Bitcoin Short-Selling Near $5B
These, the analysis has previously warned, may lead to higher sales to lock in profits with a slight slip at the new high levels.
Optimists, however, had little time for cold feet.
“Bitcoin is on its way to reaching the $48.5-50.5K marker,” said Michael Van de Pop, founder and CEO of MN Trading.
“He's always done that in previous cycles, looks like we'll see it again here. As long as it stays above $39K, it's a great feeling. The chances of Bitcoin reaching $30K are getting very slim.
Fellow analyst Matthew Hyland turns to Relative Strength Index (RSI) data to predict that a further upside continuation is still in play.
Last boss for RSI in this range for #BTC
As I said in the beginning, if we find God's candle or if we continue to grind upwards as we were; This could clear up the RSI and the price, opening the door for more prices later this month… pic.twitter.com/0yWh5q17kA
— Matthew Hyland (@MatthewHyland_) December 1, 2023
The daily RSI, however, stands at 80 at the time of writing – 10 points in the range, which could indicate overbought conditions.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
