Bitcoin Bulls Run Wild: Shorts Left Hanging at $40,000 Mark

Bitcoin Reaches $40K Mark, Trader Looks Ahead to All-Time High

BTC price approaches $40K as Bitcoin trader hopes for new record high.

Bitcoin (BTC) continues its spectacular rally, with the price soaring to new 2023 highs of $39,730. This surge left $60 million in shorts hanging, as traders scrambled to cover their positions. The wild bullish run has left investors in awe and bears running for cover.

In a surprising turn of events, Bitcoin and altcoins witnessed a snap surge, wiping out previous resistance. A popular trader, Skew, amusingly suggested that “someone just ran all shorts across the board seemingly on most pairs.” This unexpected turn of events left the market in a state of uncertainty, as the weekly open for CME Bitcoin futures left a gap between its closing price of $39,225 and the spot price.

But fear not, fellow traders, for this time may be different! Daan Crypto Trades, in his humorous and insightful post, highlighted the trend of Bitcoin creating weekend moves that break out and leave a lot of people behind. He commented, “Often creating a gap that never gets closed or not until weeks later.”

Daan Crypto Trades cleverly identified the opportunity to “trap” shorters around the Friday closing price, which proved to be profitable. Those brave enough to short this move would have been “rekt” as around $30 million in BTC shorts were liquidated on both December 1st and 2nd.

• Chainlink Whiplink Strap in for a 20% Rally to Ring in the New Year
• MT Capital Research Report Chainflip, the Up-and-coming Competitor in the Native Cross-Chain Exchange Market
• The Rise of Meme Coins: When Crypto Gets Memetastic

With Bitcoin’s price edging closer to the $40,000 mark, attention now turns to longer timeframes. Alan Tardigrade, a popular Twitter commentator, commented that BTC/USD has entered “All-the-way-UP mode,” breaking out of a downward channel that has been in place since its all-time high in November 2021.

BitQuant, another bullish commentator, predicts a return to the previous highs before a “correction” takes hold. Both perspectives align with previous Bitcoin bull markets and provide hope for further gains.

So, hold on to your digital wallets, fellow investors! Bitcoin has unleashed its bullish power, leaving shorts hanging and defying all expectations. Will it break the $40,000 mark? Only time will tell. Until then, happy investing and may your profits be astronomical!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!