Bitcoin Price Recovering - Next Pump Expected Towards $58k.
2021-04-30 | Big Bob
The price of the leading cryptocurrency, Bitcoin [
BTC] has fully recovered from Thursday’s price drop
of just over 5%.
The crypto asset was trading around $54k at the time of
reporting after holding support at around $52k. The short-term trend is improving, although
there's strong resistance around $56k and $58k
that would limit upside into the weekend.
The RSI [Relative Strength Index] on the hourly chart
isn't yet overbought, which might keep purchasers active short-term.
Bitcoin will
get to reveal a decisive break above $56k to continue the long-term uptrend. So far, oversold signals from the 25
th April low of around $47k weren't enough to push BTC over the 50-day moving average.
BTC is down about 7% month-to-date and is
on target for its primary monthly loss this year, also its worst month since September.
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