Bitcoin, the number one cryptocurrency by market capitalization, touched the pivotal $60,000 level once again at 5:02 p.m. UTC on the Bitstamp exchange.
Bulls, however, are struggling to gain footing above the aforementioned price point, with Bitcoin slightly retracing to $59,785.
Earlier this week, the crypto king plunged to as low as $55,567, raising doubts about the longevity of the ongoing bull market.
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Despite the recovery, the flagship cryptocurrency is still on track to score its biggest weekly drop since early September. It is currently down 8.25% since the start of the week.
Bitcoin is also down 2% on the monthly chart in spite of hitting a new all-time high of $69,044 11 days ago.
The broader cryptocurrency market remains in the doldrums, with Avalance (AVAX) and Crypto.com Coin (CRO) being the only outliers.
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