Despite having witnessed a so-called "death cross" over the weekend, bitcoin (BTC) is now eyeing gains above the $7,000 mark.
The much-feared technical indicator (bearish crossover between the 50-day moving average (MA) and the 200-day MA) was confirmed over the weekend, but, as anticipated by CoinDesk, the oversold conditions seem to have put a floor under bitcoin prices.
As of writing, CoinDesk's Bitcoin Price Index (BPI) is seen at $7,040, having clocked a 54-day low of $6,443 on Sunday. Meanwhile, the cryptocurrency was last seen changing hands at $7,060 on Bitfinex - up 9.88 percent from the previous day's low of $6,425.
The recovery is pretty much in line with the historical pattern, which shows that bitcoin tends to regain poise every time the relative strength index (RSI) drops to or below 30.00.