Bitcoin, the largest cryptocurrency by market cap, managed to revisit the $45,000 level for the first time since May 18 at 6:05 a.m. UTC on the Bitstamp exchange.
It has now recovered more than 57 percent from its local bottom of $28,621 that was recorded on July 22.
The ongoing rally comes amid a fervent legislative battle over competing amendments to a damning cryptocurrency tax provision in the U.S. infrastructure bill.
Bitcoin’s recent recovery to nearly a 12-week high flies in the face of a slew of bears who called for a deeper pullback at the local bottom.
As reported by U.Today, Guggenheim CIO Scott Minerd predicted that $10,000 could be the flagship cryptocurrency’s “real bottom” when bearish sentiment became pervasive in late June.