Crypto Currency News

Bitcoin price surpasses $ 38,000 and hits its six-week high

Bitcoin is up more than 12% in the last 24 hours.

Bitcoin (BTC) posted a jump of more than 12% yesterday that led it to record a monthly high of more than $ 39,000. Just a week after hitting a low near $ 29K, the leading cryptocurrency is looking to leave behind a gap that kept it trapped for a few months.

Market specialists have suggested in recent hours that the jump in BTC responds to the rebound in liquidations of “short” positions, but also to speculations about an eventual acceptance of crypto payments by Amazon.

Three days after posting a job search for an executive with experience in digital currencies and blockchain technology, an internal source at the tech giant suggested that the firm could accept crypto payments in the coming months.

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Jeffrey Halley, Oanda’s senior analyst for Asia Pacific, said the news from Amazon was instrumental in the latest market rally. In particular, he assured that it helped BTC overcome a three-month “descending triangle”, and open about $ 17,000 of potential gains in case of overcoming the resistance of $ 40,800 and $ 44,700.

The BTC jump caused quite a bit of excitement in the crypto community, considering the difficult period the market was going through. Anthony Pompliano, one of the main commentators of the ecosystem, remarked that BTC records a 268% jump in the last 12 months. Exactly a year ago, BTC was trading at $ 9,900, and it was on the verge of an 11% daily jump that would take it above $ 11K hours later.

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The expectations of specialists – who were mostly bearish last week – have partially changed. While BTC will now have to seek new support near USD 40K to think of another leap forward, there is also the possibility of a promising rally if Amazon advances in the crypto payments initiative.

As with Tesla earlier this year, the acceptance of crypto payments by one of the world’s largest companies represents an unmatched injection of confidence in the market, which would immediately skyrocket investor sentiment.

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