Bitcoin has climbed back above the "critical" $11,000 level this morning.
The cryptocurrency has been trading around the $10,000 mark for the past month with just a few breaks above $11,000.
"This is a critical area as traders have failed to break above the $11k mark and we will be watching the price action closely," said Naeem Aslam, chief market analyst at Think Markets.
Read more: Bitcoin climbs above $10k, but the rise might not last
It follows a wave of bullish regulatory news for cryptos, Aslam said, including the former chair of the Federal Deposit Insurance Corporation (FDIC), making a plea to authorities not to ban cryptocurrencies and Credit Suisse using blockchain to make payments.
"The biggest question among investors is if the cryptocurrency would make a comeback," Aslam said.
"A break of $15k would really send the signal that the cryptocurrency is back in business, but we are far off from that level."
Bitcoin's price was up 1.74 per cent at $11,097.22 at the time of writing.
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