BTC price nears $40K as as Bitcoin trader eyes return to all-time high

Bitcoin beats out sellers to liquidate $60 million of shorts in two days, with BTC price acting just several hundred dollars from $40,000.

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Bitcoin (BTC) held closer to the $40,000 mark on Dec. 3 after weekend gains reinforced a “strong” uptrend.

Bitcoin leaves $60 million in shorts hanging

Data from Cointelegraph Markets Pro and TradingView tracked a fresh BTC price surge, which took BTC/USD to new 2023 highs of $39,730.

These built on upward momentum, which had entered days prior, as Bitcoin hit $39,000 for the first time since mid-2022.

With derivatives leading into the end of the Wall Street trading week, commentators had argued that spot buyers needed to step up to maintain momentum. Events ultimately took an unexpected turn, with a snap surge across Bitcoin and altcoins wiping previous resistance.

In part of coverage on X (formerly Twitter), popular trader Skew suggested that “someone just ran all shorts across the board seemingly on most pairs.”

This in turn placed BTC price behavior around the weekly open in question — CME Bitcoin futures closed the week at $39,225, leaving a gap between there and spot price, which would normally be “filled” via a dip.

Analyzing the status quo, however, fellow trader Daan Crypto Trades predicted that this time would be different.

“Whenever $BTC is in a strong trend (up or down) and especially when it’s trading at yearly highs or price discovery. You tend to have these weekend moves that break out and leave a lot of people behind. Often creating a gap that never gets closed or not until weeks later,” part of an X post explained.

In September, BitQuant made the bold prediction of BTC/USD beating its record highs before the next block subsidy halving in April 2024 — just four months away.

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.