The daily chart for bitcoin shows prices have been caught between $36,000 and $31,000 since at least June 21.
Weak trading volume points to a lack of institutional and retail interest, according to one expert.
Bitcoin's jump coincides with announcements made by El Salvador's president on Thursday evening.
The top cryptocurrency hit a high of $38,461 during the European hours, extending Wednesday's double-digit rally.
Bitcoin continues its descent amid whispers of U.S. Federal Reserve tapering economic stimulus and China's ongoing pressure on crypto miners.
Yellen's rate-hike comments and lingering China regulatory concerns dominate market sentiment.
The options market is flashing signs of concern about an extended price sell-off.
Prices have since begun to cool, with intraday resistance around $38,000 for bitcoin and $2,730 for ether.
Why isn't the prospect of more U.S. stimulus boosting bitcoin's price?
The analyst who predicted bitcoin's price crash says technical studies have yet to confirm a bottom.
Bitcoin's recovery rally looks to be gathering steam, but the 200-day SMA hurdle is still intact.
A sing-along to the tune of The Police's 1978 classic "So Lonely."
Coinbase also announced it would be listing DOGE in six to eight weeks.
Multi-asset brokerage eToro announced support for the cryptocurrency Monday.
The bellwether cryptocurrency was changing hands around $52,150, with hourly buyer volume at the highest since April 23.