HONG KONG/SINGAPORE: The cryptocurrency climbed to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped some positive comments from influential investors could signal a turnaround in fragile sentiment .
Bitcoin During the Asia session, the highest since mid-June rose 12.5% to $39,850, while Ether hit a three-week high of $2,344. The move put pressure on short sellers, on the heels of bitcoin’s best week in nearly three months.
Last week, crypto enthusiasts and Tesla bosses Elon Musk said that CarMarker will resume accepting bitcoin once due diligence on energy usage is done. It suspended such payments in May, contributing to a swift crypto selloff.
twitter boss jack dorsey It also said last week that the digital currency is a “big part” of the social media firm’s future and on Sunday London’s City AM newspaper, citing an unnamed “insider” reported that – heroine Wants to accept bitcoin payments by the end of the year.
Brokers said the comments taken together were enough to eventually lift the market above the support floor, where it has held steady since May’s fall, while the data also pointed to massive short-seller liquidations – this Suggesting that many may have given up.
Ryan Rabaglia, Global Head of Trading at Digital Asset Platform OSL, said, “Over the past five trading sessions we have seen a general near-term bullish momentum in the market, driven by key technicals as well as recent positive comments.”
“With a record $1.2 billion of shorts liquidated in the last 24 hours, the outlook and momentum for the coming week are positive,” he added.
Bitcoin was up 8% at $38,064, placing it in sight of resistance around June’s $41,341.57 peak, a week after testing support at $29,500.
Ether was up 5% at $2,304.
Bitcoin During the Asia session, the highest since mid-June rose 12.5% to $39,850, while Ether hit a three-week high of $2,344. The move put pressure on short sellers, on the heels of bitcoin’s best week in nearly three months.
Last week, crypto enthusiasts and Tesla bosses Elon Musk said that CarMarker will resume accepting bitcoin once due diligence on energy usage is done. It suspended such payments in May, contributing to a swift crypto selloff.
twitter boss jack dorsey It also said last week that the digital currency is a “big part” of the social media firm’s future and on Sunday London’s City AM newspaper, citing an unnamed “insider” reported that – heroine Wants to accept bitcoin payments by the end of the year.
Brokers said the comments taken together were enough to eventually lift the market above the support floor, where it has held steady since May’s fall, while the data also pointed to massive short-seller liquidations – this Suggesting that many may have given up.
Ryan Rabaglia, Global Head of Trading at Digital Asset Platform OSL, said, “Over the past five trading sessions we have seen a general near-term bullish momentum in the market, driven by key technicals as well as recent positive comments.”
“With a record $1.2 billion of shorts liquidated in the last 24 hours, the outlook and momentum for the coming week are positive,” he added.
Bitcoin was up 8% at $38,064, placing it in sight of resistance around June’s $41,341.57 peak, a week after testing support at $29,500.
Ether was up 5% at $2,304.
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