The price of bitcoin surged 7 percent within 30 minutes on Tuesday to reach over $4,900 – its highest point for 4 months.
Bitcoin's MACD histogram is registering its highest value since January of 2018, which suggests bitcoin's price may have already bottomed out.
A technical indicator, which incorporates both bitcoin's price and trading volume, is signaling the cryptocurrency may have bottomed in December.
Bitcoin's share in the cryptocurrency market reached an 11-week high late last week.
XRP, the world's third-largest cryptocurrency by market capitalization, jumped 6 percent on Monday, cementing a 30-day high.
Bitcoin is reporting losses for a second straight month, but there are hints of a bullish breakout ahead in the fourth quarter.
Bitcoin is still being squeezed into a tightening range, with support at $6,300 being a key level for the bulls to defend.
The world's second-largest cryptocurrency, ether (ETH), erased half of last week's rally today amid a broader market sell-off.
BTC/USD shorts on Bitfinex are nearing record highs, leaving many to wonder if a short squeeze will occur like it did when the prior mark was set.
Bitcoin's price rose above $6,500 today, offering some respite for the badly battered bulls.