Bitcoin has quickly surged to test resistance at $40,000 for the first time this month.

The price of Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) has surged more than 10% over just a few hours earlier today, with prices quickly surging from roughly $35,000 to tag just shy of $40,000 on Monday.

Price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15% from roughly $34,000 to $39,800 over the course of less than three hours.

By contrast, BTC had taken the past five days to gain from roughly $30,000 to $34,000. As of this writing, Bitcoin is changing hands for roughly $38,500.

According to CoinMarketCap, Bitcoin is the top gainer for the past 24 hours among the top 30 crypto assets by capitalization, posting a gain of nearly 13%.

The sudden rally has seen numerous technical indicators return to offering bullish signals, with popular analyst Lark Davis informing his 426,000 followers that BTC’s price is again trending above its 50-day moving average.

Polkadot’s DOT and Chainlink’s LINK are also among the day’s top gainers, each having increased by more than 11% in the past 24 hours.

With Dogecoin (cryptoprimacy.com/doge-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/doge-price-index/amp”>DOGE) up less than 9% for the day, it would appear the impact of Elon Musk’s Twitter account on the meme coin’s markets is beginning to wane, with cryptoprimacy.com/magazine/2021/07/24/us-concerns-athletes-digital-yuan-2022-winter-olympics-beijing-spacex-btc-dogecoin-volume-hodlers-digest-july-18-24″>Tesla’s CEO posting a meme asserting that “Dogecoin is money” on Sunday.

Despite Musk’s efforts, Dogecoin appears to have moved in lock-step with the broader altcoin markets, with most large-cap crypto assets having posted high single-digit gains for the day.

Related: cryptoprimacy.com/news/bitcoin-price-hints-at-megaphone-bottom-pattern-and-a-breakout-toward-40k” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-hints-at-megaphone-bottom-pattern-and-a-breakout-toward-40k/amp”>Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

Despite next month’s fast-approaching cryptoprimacy.com/news/ethereum-s-london-berlin-and-shanghai-forks-and-their-role-in-serenity” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/ethereum-s-london-berlin-and-shanghai-forks-and-their-role-in-serenity/amp”>London upgrades for Ethereum, Ether (cryptoprimacy.com/ethereum-price”>ETH) is also lagging behind the pack, posting a gain of roughly 7% for the past 24 hours. 

As such, ETH is the weakest-performing cryptocurrency ranked among the top 10 by capitalization for the past day.