Bitcoin price is returning to $40K — But will shorts have their revenge?

Bitcoin price is returning to $40K — But will shorts have their revenge?

A lot of people have likes to seek the advice of the market and short bitcoin. For instance, this September the same thing happened when the bitcoin price crashed from the $6,000 USD mark down to $4,000 USD. But the question is, will they have the last laugh or not? Most people would say that it was a bad news as the bitcoin price fell below $4,000 USD and it could still go below $4,000 USD or even go below the $3,000 USD mark.

Bitcoin’s price is back to the $40K mark, and with it, the Bitcoin bear market can take a breather.  Will this be the start of a long-awaited rally, or will the bears get their revenge and send the price tumbling back down for good?

The cryptocurrency market is in the midst of a long-term bull run, with Bitcoin leading the way. While the cryptocurrency hasn’t yet broken through the $40,000 level, it has managed to return to that price level for the first time since December 2017.. Read more about btc at 40k and let us know what you think.

On Wednesday, bulls and bears fought for hard-won higher ground, bringing Bitcoin (BTC) back to $40,000.

Bitcoin price is returning to $40K — But will shorts have their revenge?1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

From current BTC price levels, “a lot can happen.”

BTC/USD reached $40,200 overnight, according to data from Cointelegraph Markets Pro and TradingView, marking a remarkable eight consecutive green daily candles.

After a quick rise above the $40,000 barrier followed by an approximately 9% drop, investors were dubious of the strength of the first gain, which started Monday.

Based on past rallies, such behavior came as no surprise to Sam Trabucco, a qualitative crypto trader at Alameda Research, but the following few days should be stressful.

“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.

“However, $40k is a local maximum, so if we rise even a little higher, there’s a LOT of possibility for shorts placed on far lower to be liquidated. Let’s see what happens! The following several days could be exciting, and I’m happy I got some sleep.”

Shorts on the key exchange Bitfinex remained low on the day, despite his forecasts — previously this month, unexpected spikes had significantly impacted short-term price pressure.

Meanwhile, a look at buy and sell levels on major exchange Binance revealed that $38,500 is becoming Bitcoin’s closest support level, while $41,000 is becoming resistance.

Bitcoin price is returning to $40K — But will shorts have their revenge?BTC/USD buy and sell values as of July 28 (Binance). TradingView is the source of this information.

Fear & Greed rises to levels not seen since May

This week’s price movement has had a significant effect on market mood, for better or worse.

As the fear of unlocking passes, the GBTC premium equals the Bitcoin price collapse levels.

According to the Crypto Fear & Greed Index, fear has all but drained from the mindset of market participants, with its measure gauge reaching 50, or “neutral” territory, for the first time since the May BTC price crash.

The Index has doubled in only two days after scoring just 10/100 last week, indicating “severe anxiety” in the market.

There may yet be potential for growth, since April’s all-time highs were accompanied with a 95/100 “severe greed” score.

Bitcoin price is returning to $40K — But will shorts have their revenge?Crypto Fear & Greed Index as of July 28. Source: Alternative.me

Bitcoin prices have been relatively stable over the last few months — and the Bitcoin price is currently at $40,000. The crash from last year has been a short-lived phenomenon, and the price of Bitcoin has been on the rise once again.. Read more about bitcoin under 40k and let us know what you think.

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