The price of bictoin on Monday increased by more than 10%, updating the monthly maximum and approaching the upper limit of the range in which the main cryptocurrency has been for two months.
The rapid price increase is associated with the mass liquidation of short positions.
After a false breakdown of the key support level of 30,000 last week, bitcoin regained some of its positions against the background of Elon Musk’s statement that Tesla (NASDAQ: TSLA) may start accepting bitcoin as payment for its products again.
On Sunday, another news trigger appeared when the London edition of City A.M. reported, citing an anonymous insider, that Amazon (NASDAQ:AMZN) plans to start accepting bitcoins as payment by the end of this year.
The head of the trading department of the OSL digital asset platform, Ryan Rabaglia, said that, given that a record number of short positions worth $ 1.2 billion have been liquidated over the past 24 hours, the prospects and dynamics for the coming week are positive.
According to technical analysis, consolidation above the 40800 level will open the way to 43800. In case of a return below 36400, a decrease to 34500 is likely.