After a long grind down from posting a double top at $11,800 it looks like the bleeding may have stopped. In early February we saw this type of reversal off the lows where heavy volume drove the contract to double in value over the next 20 days. I would suspect that this rally was triggered by extensive short covering by the short sellers which is typically a bull move in a bear market. However, the continued follow through today suggests that we could see another couple days of rallies and a move back up to $10,000 would mark a 61.8% retracement off of the low. If we see a breakdown below $7,000 the bull recovery would be negated and that could be the final blow to the longs, so time will tell.
Bitcoin Daily Chart