Bitcoin rallies to four-week high, ether hits three-week peak

economictimes.indiatimes.com:

Bitcoin rose to a four-week high on Monday, climbing for a second consecutive session, driven in part by liquidation of some short positions that have accumulated in the virtual currency's recent three-month downtrend. The world's largest cryptocurrency hit $44,524.18, the highest since mid-January. It was last up 3.8% at $44,024. Since hitting a roughly six-month low on Jan. 24, bitcoin has gained about 35%.Ether, the second-largest digital currency in terms of market capitalization, touched a three-week peak of $3,180 and was last up 3.1% at $3,153.21. It dropped to a six-month trough in late January, but since then, ether, the token used for the Ethereum blockchain, has surged about 47%.

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«The current rise came after considerable range-bound price action that saw volumes drying and shorts increasing,» said Joe DiPasquale, chief executive officer at BitBull Capital, which manages crypto hedge funds. «Typically, when the market is heavily leaning on one side of a trade, too long or too short, the price can move to counter that weight and squeeze positions,» he added. Blockchain data provider Glassnode, in its latest research report on Monday, said its charts showed that bitcoin shorts have been under pressure last week, «with a minor skew towards short side liquidations.» But it added that the magnitude of the liquidation remains «fairly lackluster,» suggesting a short-squeeze is just one factor, among many others, driving the rally in bitcoin. The crypto market has been in recovery