Bitcoin bulls charge to $44K as week-to-date BTC price gains pass 10%
2023.12.05 13:42
Bitcoin (BTC) clipped $44,000 later on Dec. 5 as the Wall Street trading session delivered more snap BTC price gains.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin applies more pressure to bears
Data from Cointelegraph Markets Pro and TradingView followed a fresh round of upside for Bitcoin as it outpaced altcoins to reach $44,011 on Bitstamp.
Taking week-to-date gains to 10%, this marked its highest levels since early April 2022 and represented a key challenge to significant resistance.
As noted by popular trader and analyst Rekt Capital, $44,000 constitutes the high point of a range that has occurred several times since early 2021.
“Bitcoin has successfully revisited the Range High resistance at ~$43900,” he continued in subsequent commentary on X (formerly Twitter).
“Bitcoin has a history of reclaiming the black level so it’s still a possibility that price could revisit the higher $40,000s. Important to watch for the retest in the meantime.”
BTC/USD annotated chart. Source: Rekt Capital/X
On the markets, derivatives led the charge, with spot following. Liquidations came in step, with over $100 million in crypto shorts wiped out on the day so far at the time of writing, per data from statistics resource CoinGlass.
Crypto liquidations (screenshot). Source: CoinGlass
CoinGlass further showed the latest move spiking through the lion’s share of likely short liquidation levels on the largest global exchange, Binance.
BTC/USDT liquidation heatmap for Binance (screenshot). Source: CoinGlass
Chances of $30,000 retracing are “very slim”
As Cointelegraph reported, concerns among some popular market participants focused on potential manipulatory moves by large-volume traders.
Related: Bitcoin short-term holder sales near $5B as profit-taking mimics 2021
These, analysis warned earlier, could lead to a significant sell-off in order to lock in profits with minimal slippage at the new highs.
Optimists, however, had little time for cold feet.
“Bitcoin is on his way to reach the $48.5-50.5K marker pre-halving,” Michaël van de Poppe, founder and CEO of trading firm MN Trading, responded.
“It has always done this in the previous cycles, seems likely we’ll see that again here. As long as it stays above $39K, then it’s great vibes. Chances of Bitcoin reaching $30K are getting very slim.”
BTC/USD annotated chart. Source: Michaël van de Poppe/X
Fellow commentator Matthew Hyland turned to relative strength index (RSI) data to predict that yet more upside continuation was still in play.
Pretty much the final boss for #BTC in this range for the RSI
If we get a God Candle like I said originally or just continue to grind upward as we have been; it would likely clear this on the RSI and the Price, which would open the door for much higher prices after this month… pic.twitter.com/0yWh5q17kA
— Matthew Hyland (@MatthewHyland_) December 1, 2023
The daily RSI nonetheless stood at 80 at the time of writing — 10 points into the range, which can suggest overbought conditions.
BTC/USD 1-day chart with RSI. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
