Bitcoin Price 'Extremely Bullish' Again After 20% Pump to Over $11,000

Bitcoin surprised markets and and the media alike on July 3, jumping over 20% in 24 hours to overcome resistance at $11,000.

As of press time, bitcoin traded around $11,300 having set a local high of $11,525 earlier in the day.

Forbes had declared the 'bitcoin bubble' had popped just hours before, while on Monday, economist Nouriel Roubini delivered fresh criticism of bitcoin's performance.

"Indeed Bitcoin is now down below 10k. Has lost a third of its value in less than a week," he tweeted.

In an analysis, BTC trader Josh Rager said he was eyeing a potential zone around $11,760, noting that the recovery now makes bitcoin price look "Extremely bullish" again.

Longer term, curiosity remains about the impact of institutional trading pushing up the bitcoin price.

This week has seen two announcements - from both trading platform ErisX and exchange Binance - confirming they will offer bitcoin futures.

Bakkt, the long-awaited institutional trading platform, will begin testing its futures offering later this month.

Altcoin markets saw some much-needed gains as bitcoin rose, with many assets in the top twenty cryptocurrencies by market cap rising around 7%. Ethereum, the largest altcoin, rose 7.6% to challenge resistance at $300 once again, having hit a low of $272.Ether 7-day price chart.

After considerable downside, alts remain suppressed; traders have begun querying whether a major resurgence will in fact arrive at all.