Analysts pointed to the Biden proposal to double capital gains taxes on high-income individuals as the catalyst.
As BTC's price continues lower, one possible benefit is a decrease in the crypto's volatility.
The price of bitcoin has changed little over the past 24 hours, despite the asset’s notorious volatility.
Bitcoin price takes a pit stop with ether and dogecoin stealing the spotlight.
Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23.
Bloomberg anticipates continued deflation and peak oil similar to 2018. This could be negative for bitcoin.
Also, ether continued to move higher after the Berlin Fork.
Also, 98 cryptocurrencies are now valued at more than $1 billion each.
Crypto bulls are taking over the market in anticipation of Coinbase's direct listing.
Bitcoin’s struggle to retest a key resistance level at $60,000 has “dampened” market sentiment, said one trader.
The price gain came amid new signs of growing mainstream adoption of bitcoin and other cryptocurrencies.
The oldest cryptocurrency is looking at a price support level around $54,000, with resistance around $60,000.
Bitcoin traders are increasing their bullish bets in futures markets – and taking more risk.
$60K is a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.
The quick recovery to near $58,000 demonstrates stronger confidence from investors in the oldest and largest cryptocurrency.