#Bitcoin (BTC) staged a characteristic comeback on May 5 as a day of losses turned around in a flash.
BTC price nears $58,000
Data from TradingView showed BTC/USD passing $57,000 again during Wednesday trading, with daily gains knocking on 5%.
The move marks Bitcoin’s second such “comeback” in a week. While the bearish trend reset, analysts were keen to see how much fuel Bitcoin had accumulated after dipping to near $53,000 overnight.
For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term bull market.
“I continue to think that Bitcoin will not crash and is more likely to range before breaking out to the upside,” part of a series of tweets read on the day.
“Many other indicators suggest $BTC has much more upside and the cycle is not over.”
Swift specifically noted that one tool, the Pi Cycle Top indicator, had “nailed” Bitcoin’s most recent all-time high of $64,500 in April. As Cointelegraph reported, Pi has become increasingly popular for those tracking BTC price trends over successive years.
At the time of writing, BTC/USD circled $57,700, ruminating after reaching local highs of $58,000.