Bitcoin price goes back to $58k resistance after a short dip

By: Konstantin Anissimov
Konstantin Anissimov
Konstantin’s responsibilities at CEX.IO include customer relationships with institutional and VIP clients, overseeing the creation of the company’s development strategy, new… read more.
on May 6, 2021
  • After recovering from a late April drop, BTC price battled its $58k resistance until Monday this week.
  • On Monday, the price started dropping again, sinking down to $53,000 per coin.
  • However, yesterday, May 5th, the price recovered again and in a sharp surge, it went back to the $58k level.

Bitcoin price recovered to $58k, dropped to $53k, and then recovered to $58k again, and all that in only a week. The coin seems to be determined to breach the resistance, and there are several positive events pushing it up.

Bitcoin adoption will go big

There have been several reports that make Bitcoin’s rapid price recovery and desire to surge quite understandable. For example, a crypto custody firm, NYDIG, shared its belief that BTC will come to hundreds of US banks before the year ends, as banks are asking for it to happen. Apparently, the banks noticed that all the money is going to Coinbase, and they want to get the piece of the pie.

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On top of that, BTC and ETH recently hit Wall Street as S&P Global Indices, which is certainly a reason for the price to act up. Finally, BTC price surge has inspired plenty of Asian firms to accelerate their shift to BTC.

Bitcoin volatility remains strong

According to CEX.IO data, over the past seven days, BTC went from $53,634 to the height of $58,845, but this sudden surge past the $58k resistance backfired, sending the coin down to $53k. 

Yesterday, BTC recovered to nearly $58k, seemingly desperately trying to grow and reach the predicted height of $80,000 per coin by the end of this quarter. While there is still time left, BTC is also still far away from its goal.

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