Bitcoin (CRYPTO: BTC) crossed the key $40,000 mark late night Tuesday, advancing for the eighth straight day.

What Happened: The apex cryptocurrency traded 9.2% higher at $40,087.89 over 24 hours at press time. BTC is trading 34% higher over a week. Since the year, began BTC has risen about 35.76%. 

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The rise in BTC comes as the global cryptocurrency market cap rose 6.9% to $1.55 trillion.

Bitcoin has been testing the $40,000 level for the past couple of days, crossing the mark twice in the hour preceeding press time.

As per Balani, $45,000 looks well in reach for Bitcoin in coming days, but a decisive break above $50,000 “will take some doing.”

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This week’s short squeeze saw $750 million worth of shorts liquidated — which is the highest recorded to date in BTC, as per Arcane Research.