Bitcoin returns above $40,000!

The largest cryptocurrency is back above the psychological barrier of $40,000. An increase of almost $3,000 occurred in just two hours, which of course translated into huge losses for holders of short positions on BTC.

Liquidation of short positions on Bitcoin reached almost $50 million within 4 hours. Source: Coinglass

Interestingly, in the chart below we can see that the recently visible strong correlation with the Nasdaq (US100) index listing is giving the first signs of fading. Bitcoin is climbing below the psychological barrier of USD 40,000 and if it manages to permanently go beyond this ceiling, we can look for the next important barrier to overcome in the area of USD 44,000-46,000.

BITCOIN chart, D1 interval. Source: xStation 5

Bitcoin is not the only one gaining. The project's biggest competitor, Ethereum (ETHEREUM) is currently up almost 10% and is slowly approaching the psychological $3,000 barrier.

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Bitcoin gains 3.5% approaching $70k level 📈

Crypto

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