Bitcoin rebounded above the $28,000 area after Alphabet and Microsoft announced better-than-expected business results.
#Bitcoin (BTC) has returned to the $28,000 region as investors appear to react to encouraging first-quarter earnings reports from tech giants like Google parent company, Alphabet and Microsoft, and liquidated some bitcoin short positions.
The largest cryptocurrency by market capitalization is currently trading around $28,350, up 2.8% in the past 24 hours.
The market traded sideways for most of Tuesday before surging as U.S. stock markets closed.
#BTC 's late rally came when Google's parent company Alphabet and Microsoft announced profit reports better than analysts' expectations. Besides, data from analytics firm Coinglass shows that approximately $11.3 million in BTC short positions have been liquidated. These short squeezes often tend to accelerate price increases.
Ether (ETH), the second largest cryptocurrency by market value, followed a similar pattern, gaining more than 1% on the day and currently changing hands around $1,865. Previously, ETH slid to a local bottom at $1,804 on Tuesday morning.
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