Under tightening conditions, BTC rose by 15% in 3 hours

The price of Bitcoin surged by more than 10% in the hours earlier today, and the price soared rapidly from approximately $35,000 to just under $40,000 on July 26.

The price trend shows that a severe short squeeze occurred when the price exceeded $35,000, and the bullish momentum suddenly accelerated because the price quickly rose from approximately $34,000 to $39,800 in less than three hours, a 15% increase.

In contrast, BTC has risen from approximately US$30,000 to US$34,000 in the past five days. At the time of writing, Bitcoin changed hands at approximately $38,500.

According to data from CoinMarketCap, in the past 24 hours, Bitcoin has seen the largest increase among the top 30 crypto assets by market capitalization, with an increase of nearly 13%.

The sudden rebound has seen many technical indicators re-provide bullish signals, and popular analyst Rack Davis informed his 426,000 followers that the price of BTC is again trending above its 50-day moving average.

Polkadot and Chainlink were also among the companies with the largest gains on the day, both rising by more than 11% in the past 24 hours.

With Dogecoin’s gains of less than 9% that day, the influence of Elon Musk’s Twitter account on the memecoin market seems to begin to weaken. Tesla CEO A meme claiming “Dogecoin is money” was released on July 25th.

Despite Musk’s efforts, Dogecoin seems to be developing in sync with the broader altcoin market, with most large crypto assets recording high single-digit returns that day.

related: Bitcoin price hints at the bottom pattern of “megaphone” and breaks through $40,000

Although next month soon Ethereum’s London upgradeEther also lags behind others, rising by about 7% in the past 24 hours.

Therefore, ETH is the worst performing cryptocurrency among the top 10 by market capitalization in the past day.