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BTC May Continue Ascending to $40K Despite Lack of Bull Power

source-logo  coinedition.com 03 December 2023 13:10, UTC

The cryptocurrency trader and analyst Altcoin Sherpa revealed that he was not expecting Bitcoin (BTC) to perform so strongly once it breached the $38K resistance level. In the post, he shared that he was waiting for more bullish power for the market leader to reach its current level. Nevertheless, he predicted that $40K is BTC’s next target.

$BTC: I'll be honest, I didn't really expect this type of price action when breaking thru that 38k level. 40k is the next level up but I wanted to see some more power/push/volume/etc. Maybe it wasn't necessary.

All in all, spidey senses are going off, not sure why. #Bitcoin pic.twitter.com/zf0It7CPLT

— Altcoin Sherpa (@AltcoinSherpa) December 3, 2023

Meanwhile, Wu Blockchain also shared an update regarding the market leader. According to their post, Conglass data shows that the entire Bitcoin network has seen $133 million in liquidations over the last 24 hours. These liquidations included $23.6283 million in long positions and $109 million in short positions.

Bitcoin rises close to $40,000. Coinglass shows that in the last 24 hours, the entire network has been liquidated to $133 million, including $23.6283 million in long positions and $109 million in short positions. The largest single liquidation order occurred on OKX-BTC-USDT-SWAP,…

— Wu Blockchain (@WuBlockchain) December 3, 2023

At press time, BTC was trading at $39,414.51 after it was able to break above the major $39K mark. According to data from CoinMarketCap, the cryptocurrency was able to print a 24-hour gain of 1.73%. This latest increase in price also pushed BTC’s weekly performance deeper into the green zone to +4.38%.

Although BTC’s price rose, its dominance in the market slipped 0.09%. Despite this slight drop in BTC’s market dominance, it still accounted for 51.96% of the market’s total valuation of $1.46 trillion.

BTC was able to establish a high at $39,678.94 during the past day of trading. Since then, it has dropped slightly to trade at its current level. Nevertheless, BTC’s price was still closer to its daily high than its 24-hour low of $38,692.65.

Daily chart for BTC/USDT (Source: TradingView)

BTC was able to rise above the upper level of a medium-term positive price channel that had formed on its chart over the last few weeks. A daily candle close above this level could result in the leading cryptocurrency climbing to $40K. Conversely, a daily candle close today within the price channel may lead to BTC correcting down to $38K.

Continued sell pressure could force BTC’s price down to as low as $36,880 in the following few days. As long as BTC’s price remains in the positive price channel, there is still the possibility of the cryptocurrency’s price climbing to $40K in the coming week.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.