Bitcoin is “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s,” Rick Bensignor, chief executive officer at Bensignor Investment Strategies, wrote in a note Monday.

Bitcoin hit a record of almost $65,000 in April, driven higher by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors.

But more critical commentary later emerged, including about the environmental cost of the energy consumed by the computers that underpin Bitcoin. An intensifying cryptocurrency crackdown in China also soured the mood. Bitcoin fell below $30,000 after May’s rout.

The recovery since then has seen the value of more than 9,000 digital tokens tracked by CoinGecko reach about $2.2 trillion from $1.2 trillion a month ago.