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1  Economy / Speculation / Bitcoin price is returning to $40K — But will shorts have their revenge? on: July 28, 2021, 02:22:43 PM
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
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