Bitcoin price surges towards $40,000

Bitcoin (BTC) is off to a great start of the week and about to end July with a bang. BTC price has continued to rally since July 21 with Sunday’s current price rise representing the largest single daily gain in over six weeks.

Bitcoin was shortly back above $39,000 for the first time since June 16 and is six consecutive days in the green.

It is rumoured that a short squeeze appears to have driven prices higher as those betting on bitcoin heading lower had to sell in quick succession to cover. The exact reason of this squeeze remains unclear.

And folks, we have our squeeze. https://t.co/Lflcp7MZuw

— Willy Woo (@woonomic) July 26, 2021

$111,000,000 of shorts liquidated in 10 minutes.

REKT pic.twitter.com/kXqYcA6P04

— Will Clemente (@WClementeIII) July 26, 2021

Earlier, the story of Amazon accepting Bitcoin for payments broke in London business newspaper the A.M. The report followed an unnamed source that also revealed the retail giant considering minting its own token by 2022.

Bitcoin is currently trading just above $38,000 according to CoinMarketCap data.

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