- Bitcoin (BTC) trades over $40K after gaining 8% in the past 24 hours.
- The leading cryptocurrency by market capitalization increased $3,000, translating to around 30% addition in seven days.
Bitcoin had lucrative sessions towards the weekend as the rumors about Amazon’s crypto adoption filled the financial space. The asset saw a meteoric value rise before calming on Tuesday’s early sessions. However, investors may have something to smile at because Bitcoin manages to bounce again, this time past $40,000. Keep in mind that some analysts predicted that the coin would plunge beneath $30K last week.
At the moment, the crypto attempts to launch new highs above its months-long restrictions as buyers control the market. The current market conditions come after investors gained confidence from the latest crypto comments by high-profile financial experts.
On Wednesday, BTC added its value to stand at $40,149 as ether, its rival, increased, valuing $2,328. While writing this, Bitcoin has high chances to rise through the 100-day MA.
Keep in mind that BTC has never crossed this critical barrier since June. The leading currency has attempted the level several times but failed.
The upticks that started last week slowed on Monday after Amazon denied claims that it would accept BTC and launch its digital token. Though the comments appeared not to be legit, they boosted the leading coin’s surges.
Indeed, Bitcoin has had a bullish week that included Elon Musk admitting he still holds the coin and Jack Dorsey planning to integrate BTC into his social platform.
The overall crypto market gained around 6% since yesterday to $1.55 trillion at this publication.
All cryptocurrencies in the top 100 saw their values increasing.
Brandon Arvanaghi, a BTC mining engineer, believes that the bullishness contributed to the ‘short squeeze.’
Traders who short BTC hope that the coin fall. However, with increased prices, they may have to reduce losses and exit the short positions. That will boost the coin to higher prices.
For now, BTC indicates an extended rally. With the correct market sentiments, the leading coin will overcome most of its obstacles towards its ATH.
Do you think that Bitcoin will sustain its increases? Feel free to share your thoughts.