Bitcoin hit $12,107.51 per token at 4:15am GMT on Sunday, but then started to lose some of the gains, dropping by over $1,000 in less than an hour. The cryptocurrency was trading at $11,312.36 as of 06:30am GMT, around three percent lower than 24 hours ago, according to Coindesk data.

The digital currency managed to record a strong upward trend in the last few days. The $12,000 mark is the second remarkable level it has crossed just this week. On Monday, bitcoin surged to an almost two-month peak, over $10,000.

Bitcoin gained 24 percent last month, according to online database Messari. July also marked the highest monthly close for the virtual currency since 2017 – the year bitcoin reached its all-time high.

“Bitcoin is reversing its downtrend dating back to its 2017 peak. If you are a long-term holder, this is the type of action you’d like to see,” Ari Wald, head of technical analysis at Oppenheimer, told CNBC earlier this week.

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