Bitcoin tops $ 57,000 again as “hundreds” US banks prepare to offer cryptocurrency services to their customers

Bitcoin (BTC) made a striking comeback on May 5, turning a day full of losses in the blink of an eye.

1 hour candlestick chart (Bitstamp). Source: TradingView

The BTC price is approaching $ 58,000

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair was back above $ 57,000 during Wednesday’s trading, with daily gains of 5%.

The move marks the second “comeback” of Bitcoin in a week. When the downtrend resumed, analysts were curious to see how much fuel Bitcoin had accumulated after falling to around $ 53,000 overnight.

Bitcoin tops $ 57,000 again as “hundreds” US banks prepare to offer cryptocurrency services to their customers
Bitcoin tops $ 57,000 again as “hundreds” US banks prepare to offer cryptocurrency services to their customers

For Philip Swift, co-founder of the Decentrader Trading Suite, fundamentals continue to point to a continuation of the long-term bull market.

“I still think Bitcoin is not going to crash and that it is more likely to get higher before breaking up,” said part of a Series of tweets that were read that day.

“Many other indicators suggest that $ BTC is trending up much more and that the cycle is not over yet.”

Swift specifically noted that one tool, the Pi Cycle Top Indicator, “hit” Bitcoin’s recent all-time high of $ 64,500 in April. As Cointelegraph reported, Pi has become increasingly popular with those who have followed BTC price trends for consecutive years.

At the time of writing, the BTC / USD pair was hovering around $ 57,200 and contemplated after hitting local highs of $ 57,400.

It’s not a rose bed for altcoin pouch holders

In doing so, the Hodlers received a welcome response from the largest cryptocurrency that had spent much of the week being humiliated by an emerging altcoin market.

The surprising players included tokens such as Dogecoin (DOGE) and Ethereum Classic (ETC), with the latter largely dormant for the past three years since the end of the last broad “altcoin season”.

Words were not lacking, whether veiled or not, as Bitcoin’s proponents had warned of the capricious nature of these parabolic altcoin movements.

Meanwhile, it was news that Bitcoin would be backed by “hundreds” of banks in the US in 2021, along with investment giant Grayscale, who will sponsor the NFL team, the New York Giants.

“What we’re doing is making it easier for Americans and businesses to buy bitcoin through their existing banking relationships,” said Patrick Sells, head of banking solutions at NYDIG crypto custodian behind the plan, and revealed the extent of the rollout for CNBC .

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