The Bitcoin price (BTC/USD) has hit a two-month high after overcoming a late Sunday sell-off.
The original cryptocurrency revisited the $7,500 level yesterday, thanks to a steady uptrend that persisted throughout most of the session. The steady advance allowed Bitcoin to notch up an intraday high of $7,537.95 in the final hours of the session. However, this was immediately followed by a sharp pull-back that erased most of Bitcoin’s earlier progress. The coin finished the day at $7,418.49, slightly higher than its opening level of $7,417.80.
The drop appeared to be caused by a late Sunday sell-off, affecting the wider digital currency market. Most major altcoins, including Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) saw similar drops in the final hours of the session.
Despite the downbeat finish, the market was able to mount a swift recovery in today’s early trading, which allowed the Bitcoin price to rise to its highest level in two months. The coin hit an intraday high of $7,667.40, according to data from cryptocurrency tracker Coinmarketcap. While the Bitcoin price has pulled back to lower levels in more recent trading, it has remained above the $7,600 mark.
Today’s break above $7,600 follows an eventful week that saw Bitcoin returning above $7,000 for the first time since early June. The original cryptocurrency received a significant boost last Monday following news that asset management giant BlackRock had set up a working group to look into digital currencies and blockchain. In other positive news, the Chicago Mercantile Exchange reported on Friday that the daily average volume for its Bitcoin future offering had nearly doubled in the second quarter compared to Q1.
In today’s trading, the Bitcoin price stood at $7,654.51, as of 07:23 BST. The digital coin has gained 3.4% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.