Bitcoin 

BTC

$21,214

 soared from $29,482.61 on July 21 to $40,000 today, its highest level since June 16. This sharp rebound shows a possible change in sentiment. 

The bulls received a boost on Sunday, following the news from an anonymous source within Amazon proclaiming that the company is planning to accept Bitcoin payments by the end of 2021 and is exploring the launch of its own cryptocurrency by 2022.

This news seems to have sent the bears scurrying to the exit, resulting in a short squeeze. Data from Bybt shows about $1.1 billion of liquidations in 24-hours on Monday, the most since May 18. The intensity of the squeeze was such that “$111,000,000 of shorts liquidated in 10 minutes” according to analyst William Clemente III.

Although institutional adoption of digital assets is on the rise, some still view crypto only as a speculative asset. Man Group CEO Luke Ellis said that cryptocurrencies are “a pure trading instrument” with “no inherent worth in it whatsoever. It is a tulip bulb.”

Can the bullish sentiment sustain and attract further buyers? Let’s study the charts of the top-10 cryptocurrencies to spot the critical levels on the upside and the downside.