July 26, 2021: Bitcoin has risen along with other Cryptocurrencies that popped to the top of recent ranges as short-sellers bailed out in the wake of a strong week.

Traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment.

Bitcoin rose Monday as far as 12.5 percent to hit $39,850 – its highest since mid-June – during the Asia session, while ether hit a three-week peak of $2,344. On the heels of Bitcoin’s best week in almost three months, the move put the squeeze on short-sellers.

Last week, cryptocurrency enthusiast and Tesla boss Elon Musk said the carmaker would likely resume accepting bitcoins once it became more efficient at using its energy. It suspended such payments in May, which helped speed up a crypto sale.

Twitter boss Jack Dorsey also said last week that digital currency is a “big part” of the social media firm’s future and, on Sunday, the City of London newspaper quoted an unnamed “insider” as saying – Amazon is considering accepting bitcoin payments.

Amazon last week advertised a job vacancy for a digital currency product lead, stirring speculation it might accept digital coins for transactions.

Brokers said that, taken together, the remarks were enough to finally lift the market from the floor of support where it has held steady since a May plunge, while data also pointed to heavy short-seller liquidations – suggesting many might have given up.

Bitcoin was last up 8 percent at $38,064, putting it within sight of resistance around June’s $41,341.57 peak just a week after it was testing support at $29,500. Meanwhile cryptocurrency Ether was last up 5 percent at $2,304.

Bitcoin has been hurt by criticism of the energy consumed by the computer servers underpinning it, a regulatory crackdown in China and harsher official scrutiny in Europe and the US.

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