Bitcoin returned to the upper $40,000 region on Feb. 4 for the first time in two weeks. Data from TradingView shows BTC/USD unexpectedly breaking $41,000, up $3,000 in two hours.

Source: TradingView

Liquidation of short

Bitcoin’s unexpectedly strong performance has eaten up short sellers.

According to Coinglass, $50 million in shorts have been liquidated in the past four hours, with cross-liquidations topping $100 million.

Source: coin jar

Analysts eyeing a test and holding in the $39,600 area are equally optimistic.

“Well I think people are starting to feel FOMO,” commented trader Michaël van de Poppe.

Amid the confusing near-term environment, many have taken the opportunity to reiterate higher price targets on the time frame.

Twitter user AN₿ESSA excitedly wrote:

Shakeout under $38.5K in near perfect case HTF: Remember the target medium term ~$48K, which coincides with 360 MA daily.

LTF: After the LTF prediction completes perfectly, pump out the breakout. Rising wedge is recovering and is currently trading at resistance. Next could be a pullback to flip the S/R or a breakout.”

#BTC Key level????????????
Shakeout below $38.5k scenario almost perfect

HTF:
Notice #medium term Target ~$48,000 daily 360MA.

LTF:
After completing the LTF projection perfectly, breakout pump. Reclaimed rising wedge currently trading at resistance. Throwback S/R flip or breakout next. pic.twitter.com/iqeo6DofUW

— AN₿ESSA (@Anbessa100) February 4, 2022

The popular Twitter account “Light” meanwhile talks about the sustainability of the move.

“I suspect there’s still $40,000 spot stock for sale. What was about to sell was sold in a two-month downtrend capped by a macro panic.

Also suspect buyers in the $30,000 range bought to sell here. Similar to $6,000 in 2019.”

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