Sunday's price rise follows an unconfirmed report Amazon is looking to accept bitcoin payments by year's end.

Bitcoin briefly traded above $39,000 for the first time since June 16 and is currently trading its sixth consecutive day in the green.

Prices have continued to rally since July 21, with Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s oldest crypto is changing hands for around $38,250, having cooled slightly after hitting a monthly high of around $39,850.

Datamish data show a short squeeze appears to have driven prices higher as those betting on bitcoin heading lower had to sell in quick succession to cover. The reason remains unclear.

Bitcoin briefly traded above $39,000 for the first time since June 16 and is currently trading its sixth consecutive day in the green.

Prices have continued to rally since July 21, with Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s oldest crypto is changing hands for around $38,250, having cooled slightly after hitting a monthly high of around $39,850.

Datamish data show a short squeeze appears to have driven prices higher as those betting on bitcoin heading lower had to sell in quick succession to cover. The reason remains unclear.

CoinDesk attempted to contact Amazon but did not receive a reply by press time.

Others argue the rebound in crypto prices is a reaction to a range of good news coming from big tech and finance players from the U.S. markets.

“Most prominently, there were conversations held last week between Jack Dorsey, Elon Musk, and Cathie Wood at the Bitcoin Conference where they talked about where they see bitcoin and cryptocurrencies going with respect to their own organizations,” said Caroline Bowler, CEO of Australian crypto exchange BTC markets.

Daily volume on the Bitstamp exchange is still relatively lower than the average from previous days this year but is beginning to show some signs of revival from the breakdown witnessed in May.

Other notable cryptos in the top 10 by market capitalization are also posting gains over a 24-hour period with chainlink, polkadot and bitcoin cash up the most, between 8%-12%.