Boosted by the bullish sentiment of a new Bloomberg report, Bitcoin made a healthy three-step jump in price over the weekend.

Bitcoin’s price took a healthy turn northwards over the weekend, lifting from around $6,900 – as we reported its position on Friday afternoon (GMT+1) – to around $7,200 at the time of writing.

Considering Bitcoin’s price had been down around $6,700 on Monday of last week, the boost gives the appearance of a definite short-term upward trend. Indeed, the three concerted moves since our last report – on Friday afternoon, Saturday afternoon and in the early hours of Sunday – take it above the $7,100 mark we’ve been touting as the beginning of it breaking out above the downward trend we’ve noted during much of 2018.

While it’s too early for those long on BTC to break out the bunting just yet, for those who hold truck with technical analysis, the longer that Bitcoin can hold this level or higher, the more convincing that break will look. And, one suspects, the more the bears will back away. On the flip-side, of course, is the idea that should Bitcoin fail again to hold above the trend-line you can roughly draw between the price peaks of March, May, and July, the more likely we are to see it test that price floor at around $6,000 it’s visited in February, April, June, July and August.

Over the early part of the weekend, though, it was definitely the bulls that were in ascendence, with some big short positions getting thrown to one side as the price lifted above $7,200. Here’s a short position valued at $10m going south, along with the trading margin of whoever made it. Let’s hope they weren’t investing money they couldn’t afford to lose, because they sure lost it.

Liquidated short on XBTUSD: Buy 10,000,000 @ 7150.5 🏅🏆💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯 — REKT (@BitmexRekt) September 1, 2018

There were some other big shorts that went the same way as the price rocketed – albeit briefly – to over $7,400 on Sunday morning, though since that point it’s been the overly optimistic that seem to be suffering most as profit taking and caution has seen the price bounce back off support at $7,200 and set to test that support again this morning.