Topic: Bitcoin price is returning to $40K — But will shorts have their revenge? - page 3. (Read 411 times)

We have to thank the rumor that the amazon would accept bitcoin, thanks to this false news people rushed to buy a lot of bitcoin and today the price is at 39,000$ but on the other hand the prices of altcoins in relation to bitcoin have fallen a lot, when that happens it means that people are selling altcoins to buy bitcoin and in the end they will switch from bitcoin to altcoin, I don't like it when the market behaves this way, I prefer it when so much bitcoin increases in prices and altcoins in relation to bitcoin also increase in prices, because becomes a more solid growth


 

even if the price dropped a lot I doubt that the people who make Hodl would stop being optimistic about the future, the truth is that people put a lot of faith in bitcoin in the long run and nothing changes

So, what do you think about this news. Are you really doing anything out of this news and analysis you share?
Last week, the strongest support for bitcoin price was at $28K and now it has turned to $38K and resistance has been above $40K. Fantastic, I know in the short term maybe some traders have made a profit, but in any case in the long term the prospect are much more tempting.

Doesn't make sense to short during this kind of min bull run we have. For sure millions is lost when the price goes from $40k->$36k->$30k again. Shorting is only profitable when the market is obviously going on a down ward spiral.

But since bitcoin has been steadily recovering and have break the psychological barrier of $40k, there is a highly chance that we are looking for the next big resistance which is $43k.

BITCOIN NEWS TODAY
Bitcoin (BTC) returned to $40,000 on Wednesday as bulls and bears waged a tug-of-war for hard-won higher ground.
“A lot can happen” from current BTC price levels
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $40,200 overnight, sealing a rare eight straight green daily candles in a row.

“But $40k is a local max, so there’s also LOTS of potential for shorts put on much lower to get liquidated if we rally even a little more. We’ll see! It should be an interesting next few days, and I’m sure glad I caught up on sleep.”

Investors had been initially skeptical of the strength of the initial rally, which began Monday, after a snap surge past the $40,000 mark followed by a roughly 9% correction.

For Sam Trabucco, a qualitative crypto trader at Alameda Research, such behavior was of little surprise, based on previous rallies, but the next few days should be tense.

“A lot can happen from here — BTC has had a stock beta, so there’s potential for it to remain sorta beholden to that, and there has historically been ‘round number resistance’ maybe causing it to struggle staying >$40k,” he concluded in a series of tweets on Wednesday.

His predictions came as shorts nonetheless remained low on major exchange Bitfinex on the day — earlier this month, sudden increases had noticeably influenced short-term price pressure.

Examining buy and sell levels on major exchange Binance, meanwhile, showed $38,500 growing as Bitcoin’s nearest support level, with $41,000 likewise hardening as resistance.

Conten by Coin telegraph
https://cointelegraph.com/news/bitcoin-price-is-returning-to-40k-but-will-shorts-have-their-revenge