According to Cointelegraph: Bitcoin's price displayed a robust uptrend, tallying substantial gains over the weekend and drawing closer to the $40,000 mark as of December 3, 2023. Over the last two days, Bitcoin has annihilated around $60 million worth of short positions, with its price merely a few hundred dollars shy of $40,000, according to Cointelegraph Markets Pro and TradingView.

This surge propels the price of Bitcoin (BTC), currently at $39,599, to the highest levels seen in 2023, riding on a wave of upward momentum that started days earlier. Notably, this is the first time Bitcoin hits the $39,000 threshold since mid-2022.

Amid the year-end trading week, analysts had earlier suggested the necessity for spot buyers to step in to carry on the momentum. The tables turned unexpectedly, with a swift surge across Bitcoin and other cryptocurrencies, brushing aside prior resistance levels.

Commenting on Bitcoin's price behavior, Daan Crypto Trades, a renowned trader, suggested that this situation might deviate from the norm. During strong trends and when trading at yearly highs, Bitcoin may experience weekend breakouts that leave many behind and often create a gap that doesn't get filled until weeks later.

As Bitcoin progresses towards the $40,000 mark, market participants are shifting their attention to bullish indicators on longer timeframes. Twitter commentator Alan Tardigrade stated Bitcoin has well exited a downward channel that has been in place since November 2021, when it reached its all-time high of $69,000. This exit, he suggested, signals a move into "all-the-way-UP mode."

Bitcoin enthusiast BitQuant noted the potential for a return to those highs before any substantial correction could take place, with both analysts drawing parallels to previous Bitcoin bull market behaviors. Interestingly, BitQuant had predicted in September that BTC would surpass its record highs prior to the next block subsidy halving, due in April 2024—less than four months away.