Bitcoin recovers towards $79,000 on Sunday

Bitcoin recovered towards $79,000 on Sunday, reaching an intraday high near $78,960 before easing. It traded around $78,650 at 10:10 am Eastern time, according to Bitcoin.com News.

The move followed a retreat from the $81,000 area earlier in the week. At the time of the report, bitcoin was up about 1.8 percent over seven days and 23.5 percent from July 30, leaving the broader rebound intact despite the recent volatility.

Coinglass figures cited in the report showed approximately $75.7 million in crypto liquidations and bitcoin futures open interest near $54.8 billion. The recovery was taking place with substantial derivatives exposure still outstanding.

The Sunday advance recovered some ground. It had yet to demonstrate that buyers could sustain the higher prices reached during the week.