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The leading cryptocurrency, Bitcoin (BTC), surpassed the critical level of $40,000 and then went on to exceed $44,000 with its recent upward momentum. Will it be able to leave behind the deep downward trend it experienced since November 2019 and reach new heights?
Bitcoin Surpasses $44,000!
According to the data, Bitcoin reached $44,011 on Bitstamp, surpassing altcoins and embarking on a new upward trend. This surge, which has increased gains by 10% this week, signifies the highest levels since the beginning of April 2022 and poses a significant challenge against an important resistance.
As noted by popular cryptocurrency analyst Rekt Capital, $44,000 represents the highest point of a range that has occurred several times since the beginning of 2021. In recent statements, the expert said:
Bitcoin successfully revisited the high range resistance around $43,900. Bitcoin has a history of reclaiming the level of $34,800, so the possibility of the price reaching levels above $40,000 is still high. However, it is important to observe the retest.
Furthermore, spot tracking and derivative products led the markets. According to data from CoinGlass, liquidations have been gradually occurring. Additionally, over $100 million in crypto short positions have been closed so far. CoinGlass also showed the recent move that increased the critical threshold for potential short liquidations on Binance, the largest global exchange.
Critical Level Ahead of Bitcoin Halving
Meanwhile, concerns of some popular market participants focused on potential manipulative moves by high-volume traders. As previously warned by the analysis, these moves could lead to a significant selling wave to secure profits at new highs. However, according to experts, optimistic investors had little time to fear. Michaël van de Poppe, the founder and CEO of trading firm MN Trading, commented on Bitcoin’s upcoming halving scheduled for 2024:
Bitcoin is on its way to reaching the $48,500 to $50,500 level before the halving. It has done this in previous cycles, and it seems we will see it again here. As long as it stays above $39,000, there is a great feeling. The probability of Bitcoin reaching $30,000 is very low.
