Bitcoin Surges to $44,000, Applying Pressure to Bears
Bitcoin (BTC) reached $44,000 on Dec. 5, marking its highest level since early April 2022 and posing a challenge to significant resistance. Popular trader Rekt Capital noted that $44,000 has been a key range several times since early 2021. Derivatives led the charge in the markets, with spot following. Liquidations of over $100 million in crypto shorts were wiped out on the day so far, according to CoinGlass data.
Chances of $30,000 Retracing are Slim
Analysts warned of a potential sell-off to secure profits at the new highs. However, optimists believe Bitcoin is on its way to reach the $48.5-50.5K marker before the halving event. Michaël van de Poppe, founder and CEO of trading firm MN Trading, responded that Bitcoin has historically followed this pattern in previous cycles. Matthew Hyland also predicted further upside continuation based on relative strength index (RSI) data.
RSI Stands at 80
The daily RSI currently stands at 80, indicating potential overbought conditions.
Hot Take: Bitcoin Breaks Resistance Level at $44,000
Bitcoin’s surge to $44,000 represents a significant breakthrough of resistance levels and demonstrates its resilience in reclaiming higher price points. The market response has been strong, with liquidations of crypto shorts exceeding $100 million on the day so far. While some analysts caution against a potential sell-off for profit-taking purposes, others remain optimistic about Bitcoin’s continued upward trajectory. The relative strength index (RSI) data suggests that there is still room for further growth. With the chances of retracing to $30,000 becoming increasingly slim, Bitcoin’s current momentum is likely to continue.
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