Bitcoin saw a $550 rally today to rise back above the $8,000 mark. The number one cryptocurrency by market cap briefly rallied to a high of $8,500, before settling at its current price of $8,465.

Since Bitcoin's market cap hit a recent low of $140 billion on September 29—just a few days after Bitcoin's price dropped $1,000 in a matter of minutes—it has seen a swift bounce back to recover a market cap worth $150 billion. However, before the recent drop, it was at much higher levels, around the $175 billion mark.

If Bitcoin's recent bounceback can continue, Bitcoin bulls will be hoping that it breaks through it's 200-day average price—which currently sits at around $8,450. Doing so is generally seen as a bullish sign. If this doesn't happen soon, then things may start heading south.

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Activity in the market is starting to build up again. Crypto exchange Binance has seen its 24-hour trading volume climb back above $1 billion a day, since its recent September 29 low of $700 million, showing that more people are trading.

Over at Bitcoin futures exchange BitMEX, trading volumes are similarly rising. Daily volume has risen over the same period from $2 billion to its current level of $2.4 billion.

But are BitMEX's traders betting that Bitcoin will go up or down? According to data from Coinfarm, of the $2.4 billion bets placed in the last 24 hours, traders are split 51% vs 49%, slightly in favor of the bulls—but by no means definitively.