Bitcoin leaps 12% to test recent peaks,

FxPremiere.com – Crypto Signals – HONG KONG/SINGAPORE (Reuters) -Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment.

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Bitcoin rose as far as 12.5% 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 (NASDAQ:TSLA) boss Elon Musk said the carmarker would likely resume accepting bitcoin once it conducts due diligence on its energy use. It had suspended such payments in May, contributing to a sharp crypto selloff.

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Twitter boss Jack Dorsey 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 A.M. newspaper reported – citing an un-named “insider” – that Amazon (NASDAQ:AMZN) is looking to accept bitcoin payments by year’s end.

“With a record $1.2 billion in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead is positive,” he said.

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Bitcoin was last up 8% 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.

Ether was last up 5% at $2,304.

Bitcoin leaps 12% to test recent peaks,

Bitcoin leaps 12% to test recent peaks,

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