![Bitcoin increased beyond 44,000 USD on the morning of December 6](https://i-invdn-com.investing.com/news/Bitcoin_800x533_L_1610388554.jpg)
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According to Khac Hieu
Investing.com – Bitcoin price again surpassed the threshold of 44,000 USD, reaching the highest level of 44,445 at 5:15 a.m. on December 6 (Vietnam time), according to CoinDesk. Bitcoin data is based on prices from various exchanges. Before that, at about 2:00 a.m. on the same day, bitcoin price reached 44,000 USD on an exchange like Coinbase (NASDAQ:).
At 7:45 a.m., bitcoin dropped to $43,989, up 5.1% compared to 24 hours ago. In recent days, bitcoin has continuously reached new peaks. If we take the recent peak compared to the beginning of the year, bitcoin has increased 168%.
Last weekend, after the dovish statement of the Chairman of the US Federal Reserve (Fed), bitcoin surpassed the 39,000 USD mark. After that, this currency quickly crossed the threshold of 40,000 USD and 42,000 USD on the same day, December 4.
Bitcoin is currently trading around its highest level in 20 months. If it can surpass the $48,000 mark, this cryptocurrency will reach its highest level since January 2022.
Ethereum (), the second most capitalized coin, also broke through the 2. threshold and reached a high of $2,308. At 7:45 a.m., ETH was trading for $2,295, up 2.1% compared to 24 hours ago.
Overall, the market has not yet caught up with bitcoin’s price increase. The CoinDesk Market Index (CMI), which measures the prices of the 200 largest cryptocurrencies, is up just 4.2% over the past 24 hours, less than bitcoin’s gain.
According to data from CoinGlass, unexpected developments in bitcoin prices have caused nearly 250 million USD in derivative contracts to be liquidated in the market in the past 24 hours, mainly short contracts. If counting bitcoin alone, there were 90 million USD of short positions liquidated.
LMAX Group market strategist Joel Kruger said bitcoin’s bullish move was driven by a combination of growing institutional investor interest and expectations that a bitcoin ETF for futures delivery will soon be launched. approved by authorities in the US.
A spot bitcoin ETF will help traditional investors more easily access the cryptocurrency market.
Mr. Kruger predicts that bitcoin will continue to increase until the $48,000 – $53,000 area, based on technical analysis of the price levels this currency reached in March 2022 and September 2021.
“There is very little resistance between the current price and the peak in March 2022,” Mr. Kruger explained. In March 2022, bitcoin recorded its highest level of about 47,500 USD, and in September 2021, this cryptocurrency increased to nearly 53,000 USD.