Bitcoin tracks down after weekend surge triggered by short squeeze

Vertigo3d/iStock via Getty ImagesAfter bitcoin's (BTC-USD) attempt to breach $30K support last week, the world's most popular cryptocurrency unexpectedly reversed all the way back to $40K resistance this past Sunday/Monday, before pulling back to $37.7K currently.A number of factors helped push up bitcoin's price over the weekend. Last week speakers like Ark Investment's Cathie Wood, Square's Jack Dorsey, and Tesla's Elon Musk discussed advantages and opportunities in bitcoin at the B-Word event. Over the weekend, media reports said that ecommerce giant Amazon was planning to accept bitcoin for payments by the end of the year.It appears a short squeeze occurred over the weekend "with a record $1.2B in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead is positive," Global Head of Trading at Digital Asset Platform OSL Ryan Rabaglia said on Monday.The short-term price action is more volatile than the long-term trend since it's been