After falling to a low of $26,985 on April 24, almost four weeks ago, bitcoin has recaptured the $28,000 level. After spending the previous five days below the $28,000 level, Bitcoin unexpectedly led the rest of the market upward.
At the time of writing, Bitcoin had increased 5% over the previous day to reach $28,701. Bitcoin may be on pace to post its second day of gains since its recovery from April 24 lows if it continues its recent ascent.
The recovery of Bitcoin may have been aided by several stories, albeit the precise reason for the rise is yet unknown. Technical elements support the rebound initially. The daily MA 50, which some experts contend is still a key milestone for the development of Bitcoin’s price, was tested by Bitcoin.
Undoubtedly, Bitcoin bounced back after testing this important milestone and continued to climb, reaching intraday highs of $28,836 at the time of this writing.
Santiment, an on-chain analytics company, cites substantial social dominance for Bitcoin during times of market apprehension. It claims that this might soon trigger a price recovery.
Minutes after the tumultuous day in the American stock markets came to an end, Santiment also stated that cryptocurrency showed signs of life. It points out that for the market to remain autonomous and sustainable, price rises independent of the S&P 500 are preferable.
BTC also began to rise less than a day after struggling First Republic Bank revealed at its first-quarter earnings presentation on Monday that it had lost $100 billion in deposits, reigniting doubts about the stability of the banking industry.
Bitcoin has grown by over 65% so far this year, but the upward trend has halted in the previous two weeks after it crossed the $30,000 barrier for the first time since June.
