Turning The Tide? Bitcoin Tops $7,000 As Price Pushes Up

Coindesk reports bitcoin prices Wednesday are maintaining a bid tone with prices hovering near and above the $7,000 mark.

Coindesk’s Bitcoin Price Index, the world’s largest cryptocurrency by market capitalization, rose to an intraday high of $7,009 as of 6:25 a.m. ET, the report said.

The cryptocurrency has gained nearly 6.74 percent in the last 24 hours, the report said.

The price hikes occur after a weekend in which bitcoin saw a drop of nearly 25 percent to around $5,000, the report said, as the cryptocurrency has recovered 25 percent of its value. The rise is still at least 10 percent short of the record highs above $7,800 hit last week.

Analysis suggests the cryptocurrency tide is slowly turning in favor of the bulls, although the last major domino – the 61.8 percent Fibonacci retracement – is yet to fall.