Bitcoin rose by 12%, testing its recent high, while Ether hit a three-week high

BTC and ETH Surge to Recent Range Highs Amid Short Squeeze
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HONG KONG/SINGAPORE, July 26 (Reuters) — Cryptocurrencies surged to the top of their recent trading ranges on Monday, as short sellers exited after a strong week and traders grew hopeful that upbeat comments from influential investors could signal improving sentiment in a fragile market.

Bitcoin jumped as much as 12.5% during Asian trading hours to reach $39,850, its highest level since mid-June. Ether climbed to a three-week high of $2,344. The move pressured short positions following Bitcoin’s best weekly performance in nearly three months.