BTC price nears $40K as as Bitcoin trader eyes return to all-time high

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Bitcoin beats out sellers to liquidate $60 million of shorts in two days, with BTC price acting just several hundred dollars from $40,000.

Bitcoin (BTC) held closer to the $40,000 mark on Dec.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin leaves $60 million in shorts hanging

Data from Cointelegraph Markets Pro and TradingView tracked a fresh BTC price surge, which took BTC/USD to new 2023 highs of $39,730.

These built on upward momentum, which had entered days prior, as Bitcoin hit $39,000 for the first time since mid-2022.

With derivatives leading into the end of the Wall Street trading week, commentators had argued that spot buyers needed to step up to maintain momentum.

In part of coverage on X (formerly Twitter), popular trader Skew suggested that “someone just ran all shorts across the board seemingly on most pairs.”

This in turn placed BTC price behavior around the weekly open in question — CME Bitcoin futures closed the week at $39,225, leaving a gap between there and spot price, which would normally be “filled” via a dip.

Analyzing the status quo, however, fellow trader Daan Crypto Trades predicted that this time would be different.

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