Posted 12/5/2023, 6:23:09 PM
Bitcoin Surges Past $44K as Short Squeeze Fuels Rally
- Bitcoin price hit a multi-year high of $44K, extending its week-to-date gains to over 10%
- The $44K level represents major resistance that Bitcoin has struggled to break through since early 2021
- Derivatives markets led the latest price surge as over $100M in shorts were liquidated
- Analysts say chances of Bitcoin retracing to $30K now seem "very slim"
- The daily RSI is approaching overbought territory at 80, but some expect further upside before a pullback