Bitcoin Price Sees High-Volume Recovery From Five-Week Lows

Bitcoin's high volume recovery from five-week lows may have left the bears disappointed, although a bullish reversal is still not confirmed, technical studies indicate.

The leading cryptocurrency fell to $6,100 on Bitfinex at 18:00 UTC yesterday - the lowest level since Aug. 14 - signaling a downside break of the trendline connecting the June low and Aug. 11 low.

The moment of triumph for the bears was short-lived, as the cryptocurrency picked up a strong bid the very next hour and jumped to a high of $6,550.

Trading volumes on Bitfinex increased by 66 percent during the price recovery.

Essentially, the breakdown of the trendline support continues to remain elusive.

As can be seen, the big move higher witnessed during the 60 minutes to 19:00 UTC yesterday was backed by a jump in trading volumes.

Bitcoin remains stuck in a no man's land, defined by the lower end of the pennant pattern and the Sept. 14 high of $6,600.

As of writing, the pennant support is located at $6,225.

A UTC close below that level would signal a revival of the sell-off from May highs near $10,000.

View BTC's high volume reversal from $6,100 has raised the odds of a break above $6,600.