Bitcoin briefly topped $25,000 to hit its highest level in June before falling sharply as the cryptocurrency struggles to make any significant move higher.
The cryptocurrency has been trading in a range since late June of around $20,000 to $24,000. While it has shown attempts to push higher, it has struggled to create a significant breakout. But there are now signs of a small rally.
"BTC continues to show signs of bullishness mainly due to higher highs and lows being formed," Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.was up 56% in the last month, far outpacing the gains made by bitcoin. That's because investors are excited about a major long-awaited upgrade to the ethereum network that could improve the efficiency of transactions. Ether is the native cryptocurrency that runs on the ethereum blockchain."We're seeing BTC catch up with ETH, given the excitement over the merge, potentially scheduled for 15th September," Ayyar said.