Bitcoin Bulls on a rampage, as Short-Sellers Go Into Hiding

The flagship crypto asset traded above the $39k price levels for the first time in six weeks and is currently trading its sixth consecutive day in the green.

Short sellers are currently on the sidelines, with a record $1.2 billion in shorts liquidated for the day further predict the outlook and momentum for Bitcoin is positive.

Bitcoin bulls have continued to hold their grip on the new asset class. Sunday’s current price rise representing the biggest single daily gain since June 16.

On the FTX exchange, the most popular crypto was changing hands for around $38,300, posting daily gains of more 10% but has cooled slightly after hitting a monthly high of around $39,850.

Such massive gains triggered many technical indicators return into bullish sentiments as the flagship crypto reclaimed the 50-day moving average.

Top altcoins posted decent gains with Cardano posting daily gains of more than 11% while Polkadot, XRP, Binance Coin, Dogecoin, Aave, Monero each having increased by more than 7% for the day.

Market sentiments stay high on rumors that Amazon, the world’s biggest e-commerce company is looking to accept the pioneer crypto asset for payments by year’s end and is considering minting its own token next year, further gave Bitcoin Bulls to stay within the striking distance of $40,000.

Giving credence to Amazon’s entry into the crypto-verse dates back to a post on a jobs board looking for a digital lead focused on crypto assets with Twitter’s Jack Dorsey earlier disclosing the micro-blogging platform is planning in future to integrate the world’s most popular crypto asset into their product and service offerings, put Bitcoin bulls within striking distance to hit the $40,000 price band.

At the time of drafting this report, the global crypto market value stood at $1.53 trillion, posting a surge of 9.19% over the last day.