Bitcoin (BTC) rebounds, climbs to $53,000 level again

By April 26, 2021Bitcoin Business
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Bitcoin (BTC) is showing some signs of life.

It’s been a roller coaster ride for the leading cryptocurrency, as it reached a record high of almost $65,000 on April 14, mainly due to the publicity and excitement over Coinbase’s direct listing. But after that, it has been a downward trend for crypto.

The fall in the price of gold and the shock bankruptcies of two crypto exchanges in Turkey might have contributed to investors’ panic, thinking that the sector is just a bubble. That, in turn, caused Bitcoin’s price to fall tremendously, reaching the lowest level in seven weeks when it reached the $47,000 mark.

But today, digital currency made a strong rebound to once again climb to the $53K mark.

Volatility creates opportunity

As cited by Blockchain.news, the CEO and founder of Copia Wealth Studies, Michael Sikorsky, said last Friday that “volatility has always created opportunity, and people keep being surprised by the new highs month over month and year over year.”

The daily Relative Strength Index (RSI) of Bitcoin (BTC) touched the 30-mark oversell zone for the first time this year. For the past weeks, its RSI had fallen to a level similar to the correction produced at the time before the digital currency entered the first part of the 2017 bull market.

Bitcoin still a beast

Despite the price retracement seen on Bitcoin, it is still the “king” of cryptocurrencies.

As a matter of fact, its gain on a year-to-date basis is still very impressive as it maintained an increase of 80%, from almost 29,000 to nearly $53,000.

Not only individual investors but also institutional investors have endorsed the undeniable growth of the digital currency. In fact, institutions from Goldman Sachs Group to Bank of New York Mellon have shown strong interest in virtual currencies.

It’s no wonder, after a huge slump, Bitcoin has shown it is capable of a major and strong comeback, increasing by almost 8% as of this writing to climb to above $53,000.

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