Bitcoin, for the first time since the beginning of 2022, is trading above the $40,000 level, signaling positive signals for investors. The price movements of Bitcoin, which saw the level above $40,000 with the weekly closing for the first time since April last year, started to please investors at the beginning of the month.
In the early days of December, by liquidating short positions in the Bitcoin futures market and surpassing key resistance levels, Bitcoin reminds investors of ‘Uptober’. The upward trend started with the weekly closing, which saw the $40,000 level for the first time since April last year.
According to TradingView data, with the opening of this important resistance level, bulls quickly raised the BTC/USD pair to the $42,200 level, reaching the highest level in recent months. According to statistics from CoinGlass, only $50 million worth of short positions were liquidated on December 4.
With this development, many investors pointed out that the decrease in short position liquidations in the futures market, along with the improvement in Bitcoin’s price performance, indicates the potential for the continuation of the upward trend towards the $50,000 level.
Despite these positive developments, analysts who also consider the possibility of a bearish scenario for Bitcoin in the crypto market are sharing their views. Popular investor Crypto Chase states that the current levels are an ideal place to trap long-term investments and push the Bitcoin price below $10,000, believing that the current prices are excessively high.