Here Is The Reason Behind Bitcoin's Rally After A Fall Below $30,000

From Amazon’s hinting at the possibility of embracing Bitcoin to the liquidation of short positions, there could be many reasons behind the rally.

To say that Bitcoin has had an eventful year so far would be an understatement. From record highs to quick slumps, the cryptocurrency has seen it all in the first eight months of 2021. To put things in perspective, in January 2021, Bitcoin found itself hovering around the $37,000 mark, only to move to an all-time high of over $65,000 it recorded in April. But this high was not sustained as it came to crash below $30,000 in May.  Despite the fall, if one were to compare Bitcoin's value for the same period in 2020, the leap in value is almost unprecedented. With a value of $6,640 in April 2020, Bitcoin has managed to provide a return of over 800 percent to investors in the financial year 2020-21 alone. After a worrying several weeks of a downward trajectory taking it below the  $30,000 mark, the cryptocurrency showed signs of recovery when it soared to a six-week high of $40,501.70, early this week. On Monday, it reached its highest level since mid-June, recording a 9% jump from its Sunday value. Favour from big names  After dumping Bitcoin for Dogecoin, citing environmental impact, Tesla and SpaceX founder Elon Musk recently hinted at a resurgence of interest in Bitcoin. The entrepreneur said that both he and the company, SpaceX, held bitcoin.  Similarly, Twitter CEO Jack Dorsey said that the cryptocurrency would be a "big part of the company's future."