Bitcoin Has Recovered Nearly 25% of Its Bear Market Price Losses

View Bitcoin has erased nearly 24 percent of the price losses seen in 12 months to December 2018.

Sunday's high above $7,500 could come into play again if a contracting triangle on the hourly chart ends with a bull breakout.

Despite a pullback from 9-month highs overnight, bitcoin has still clawed back nearly a quarter of the losses since the drop from its all-time high in late 2017.

The leading cryptocurrency by market value is currently trading just below $7,100 on Bitstamp, having hit a high of $7,588 on Sunday - a level last seen on Aug. 2, 2018.

With the rally to nine-month highs, BTC erased 23.6 percent of the price slide from the all-time high of $20,000 reached in December 2017 to lows near $3,100 seen in December 2018.

Notably, with the next mining reward halving due in May next year, bitcoin looks likely to continue to recover its losses from the period.

In the short-run the price may pullback to establish a higher low before rallying further.

Bitcoin fell close to 4 percent on Sunday, leaving a red candle with a long upper shadow in its wake - one widely considered a sign of bullish exhaustion.

A retest of highs above $7,500 could soon be seen if the contracting triangle seen on the hourly chart is breached to the higher side.

Bitcoin ended last week with 22 percent gains - the third biggest weekly gain since December.