{"id":1661,"date":"2022-02-04T18:28:01","date_gmt":"2022-02-04T18:28:01","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1661"},"modified":"2022-02-04T18:28:03","modified_gmt":"2022-02-04T18:28:03","slug":"bitcoin-returns-to-40k-liquidating-over-50m-of-shorts-in-hours","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1661","title":{"rendered":"Bitcoin returns to $40K, liquidating over $50M of shorts in hours"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) returned to $40,000 for the first time in two weeks during Feb. 4 as Wall Street volatility proved a boon for BTC bulls.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Liquidations mount for BTC shorts<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD suddenly jumping past the $40,000 on Feb. 4, just two hours after the Wall Street open produced rapid gains.<\/p>\n<p>At the time of writing, the pair was up $3,000 in two hours \u2014 an unexpectedly strong performance, which naturally caused short sellers significant pain.<\/p>\n<p>According to on-chain monitoring resource Coinglass, BTC liquidations were $50 million over the most recent four-hour period, with cross-crypto liquidations passing $100 million.<\/p>\n<p><em>BTC liquidations chart. Source: Coinglass<\/em><\/p>\n<p>Analysts, who were keenly eyeing the area at $39,600 to be tested and held, were equally unsurprisingly optimistic.<\/p>\n<p>&#8220;Well, I think people start feeling FOMO,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe commented.\u00a0<\/p>\n<p>The Wall Street session had opened with fresh gains for big mover Amazon, thus helping to fuel the crypto rally despite the company&#8217;s underlying data contrasting with its share performance.<\/p>\n<p>Amid a confusing short-term environment, many took the opportunity to reiterate higher timeframe price targets.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC key level<br \/>Shakeout below $38,5k scenario almost perfect <\/p>\n<p>HTF:<br \/>Remember #midterm target ~$48k Daily 360MA. <\/p>\n<p>LTF:<br \/>After LTF projection completed perfectly, breakout pump. Reclaimed rising wedge, currently trading at resistance. Throwback S\/R flip or breakout next. pic.twitter.com\/iqeo6DofUW<\/p>\n<p>\u2014 AN\u20bfESSA (@Anbessa100) February 4, 2022<\/p>\n<p>&#8220;I doubt there&#8217;s spot inventory left to sell at $40 thousand. What was going to be sold has been sold already in a tw-month downtrend capped off by a macro panic,&#8221; popular Twitter account Light continued\u00a0about the sustainability of the moves. <\/p>\n<p>&#8220;Also doubt buyers in the $30K area bought in order to sell here. Similar in many ways to the $6K level in 2019.&#8221;<\/p>\n<p>BTC\/USD reached $40,450 on Bitstamp before a consolidatory phase began, with volatility still very much in evidence.<\/p>\n<h2>Ethereum adds nearly 30% versus January lows<\/h2>\n<p>Altcoins followed suit, with Ether (ETH) up over 10% on the day to circle the $3,000 mark.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price bounces after Amazon stock gains 15% in US tech comeback<\/em><\/strong><\/p>\n<p>ETH\/USD last traded at its significant psychological level on Jan. 21, along with Bitcoin, and just over ten days ago was closer to $2,000.<\/p>\n<p><em>ETH\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>Others in the top ten cryptocurrencies by market cap were green, with best performer Solana (SOL) approaching 13% daily gains.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-returns-to-40k-liquidating-over-50m-of-shorts-in-hours\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) returned to $40,000 for the first time in two weeks during Feb. 4 as Wall Street volatility proved a boon for BTC bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Liquidations mount for BTC shorts Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD suddenly jumping past the $40,000 on Feb. 4, just two [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1661"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1661\/revisions"}],"predecessor-version":[{"id":1663,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1661\/revisions\/1663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1662"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}