Bitcoin Outpaces Altcoins, Hits Highest Level Since April 2022
The price of Bitcoin (BTC) soared to $44,000 on December 5, fueled by another round of gains during the Wall Street trading session. This marks a significant milestone for the cryptocurrency, with week-to-date gains reaching 10% - the highest levels seen since early April 2022. The surge also poses a challenge to significant resistance levels.
Popular trader and analyst Rekt Capital noted that $44,000 has been a key point of resistance throughout the year, with the price reaching this level multiple times since early 2021.
Liquidations and Short Wipes
Derivatives led the charge in the market, followed by spot trading. According to CoinGlass, over $100 million worth of crypto shorts were wiped out on the day, causing liquidations. The latest move also saw short liquidation levels on major global exchange Binance being surpassed.
Optimism Prevails Despite Manipulation Concerns
While some market participants expressed concerns about potential manipulatory moves by large-volume traders, optimists believe that there is still room for further upside continuation. Fellow commentator Matthew Hyland used the relative strength index (RSI) data to support this view, despite the daily RSI standing at 80, which indicates overbought conditions.
Note: This article is for informational purposes only and does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment or trading decisions.
