Bitcoin prices jumped to two-month highs on Tuesday.
The most popular digital currency rose to $8,590 on Coinbase to print the highest level since November 17.
Currently, the cryptocurrency is priced at $8,517, flashing a 4% gain on a 24-hour basis.
According to Datamish charts, the price rise from the Asian session low of $8,100 to $8,590 was triggered by liquidation of shorts (bearish trades) worth $38 million on BitMEX.
From technical perspective, a contracting triangle breakout on the hourly chart witnessed during the Asian trading hours had signaled a scope for a rise to $8,500.
The latest move higher is also in line with the bullish trend reversal signaled by the inverse head-and-shoulders breakout confirmed last week.
Bitcoin is currently flirting with the January 8 high of $8,469. If the daily candle ends above that resistance, stronger technical buying could be seen, yielding a rise to the 200DMA at $9,100.
Broader markets rally
Bitcoin’s rise to multi-week highs is being closely tracked by other cryptocurrencies. Ethereum,’s ether token, the second-largest cryptocurrency, is currently trading at $148 – up 3% on the day. Prices rose above $150 earlier today. That level was last seen on Dec. 9.
Bitcoin’s offshoots, Bitcoin Cash and Bitcoin Cash SV are rising 7% and 23%, respectively, while the likes of EOS, XRP and Litecoin are adding 2-6%.