Bitcoin (BTC) clipped $44,000 later on Dec. 5 as the Wall Street trading session delivered more snap BTC price gains.

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.”

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.

CoinGlass further showed the latest move spiking through the lion’s share of likely short liquidation levels on the largest global exchange

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Author: William Suberg

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