Bitcoin Making A Flash Recovery Towards $58k - Market Update.

Bitcoin Making A Flash Recovery Towards $58k - Market Update.

2021-05-05 | Eddy Morgan

Bitcoin Making A Flash Recovery Towards $58k - Market Update.

The price of the leading cryptocurrency, Bitcoin [BTC], staged a characteristic comeback earlier today on 5th May as each day of losses was turned around within a flash. Data from CoinMarketCap and TradingView revealed BTC/USD passing $57k again during Wednesday trading, with daily gains knocking on 5%. The move marks Bitcoin's second such "comeback" within a week. While the bearish trend reset, analysts were keen to ascertain what proportion of fuel Bitcoin had accumulated after dipping to close $53k overnight. For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term market. "I still think that Bitcoin won't crash and is more likely to range before breaking bent the upside," a part of a series of tweets read on the day.
"Many other indicators suggest $BTC has far more upside and therefore the cycle isn't over."
Swift specifically noted that one tool, the Pi Cycle Top indicator, had "nailed" Bitcoin's most up-to-date all-time high of $64,500 USD in April. As reported earlier, Pi has become increasingly popular for those tracking BTC price trends over successive years. At the time of reporting, BTC/USD circled $57,200 USD, ruminating after reaching local highs of $57,400 USD.

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