Bitcoin Making A Flash Recovery Towards $58k - Market Update.
2021-05-05 | Eddy Morgan
The price of the leading cryptocurrency, Bitcoin [
BTC], staged a characteristic comeback earlier today on 5
th 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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