Bitcoin (BTC) is edging closer to the $40,000 mark as its price continues to climb, signaling a strong upward trend.
Bitcoin leaves $60 million in shorts hanging
The latest data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price surged, reaching new highs of $39,730 in 2023.
This surge builds on the positive momentum that began a few days ago when Bitcoin hit $39,000 for the first time since mid-2022.
Experts had previously suggested that spot buyers would need to step in to maintain momentum as derivatives approached the end of the Wall Street trading week. However, a sudden surge across Bitcoin and altcoins led to the unexpected wipeout of previous resistance.
Popular trader Skew noted on X (formerly Twitter) that "someone just ran all shorts across the board seemingly on most pairs."
This surge created uncertainty around BTC price behavior, particularly regarding the gap between the weekly open and the spot price, which would typically be "filled" with a dip.
However, fellow trader Daan Crypto Trades predicted that this time would be different, suggesting that during strong trending periods, trading the CME price no longer provides a significant advantage.
Daan Crypto Trades also pointed out that the area around the Friday closing price presented an opportunity to trap short sellers.
Data from CoinGlass revealed that approximately $30 million in BTC shorts were liquidated on both December 1 and December 2.
BTC price in "all-the-way-UP mode"
With $40,000 in sight, market participants are now focusing on bullish signals on longer timeframes.
According to Twitter commentator Alan Tardigrade, BTC/USD has broken out of a downward channel that has been in place since its all-time high of $69,000 in November 2021.
Another commentator, BitQuant, known for their bullish outlook on Bitcoin, believes that the price could reach new highs before experiencing a correction.
Both perspectives draw on previous Bitcoin bull markets.
Yes, all the way up to the previous all-time highs and then some correction for the bears to feel some hope https://t.co/2ovCs4mvGi
— BitQuant (@BitQua) December 3, 2023
In September, BitQuant boldly predicted that BTC/USD would surpass its record highs before the next block subsidy halving in April 2024, which is just four months away.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions.
