The price of #Bitcoin is showing signs of short-term strength after days of downward trend. After two consecutive days of declining prices with increasing volume, the flagship cryptocurrency emerged from a 5-day consolidation, managing to rise yesterday to US$109.00.

What is more important is that the recent downward channel that has defined Bitcoin's price action since May is starting to lose its grip. Despite the recent pullback, selling activity from short-term holders has decreased significantly.

This is interpreted as a sign that investors are not willing to abandon their positions unless the price makes a stronger move, either up or down.