Bitcoin returns to the $58,000 resistance level after a brief decline

Bitcoin has struggled to reach the $58,000 resistance level this week, after recovering from a sudden drop in late April.

Bitcoin struggled to reach the $58,000 resistance level as of Monday this week, after recovering from a sudden drop in late April.

Last Monday the price started declining again as it fell to $53,000 per coin, however, the price rebounded again yesterday Wednesday May 5th to witness a sharp rise, and it returned to the $58,000 level, but it failed to continue its bullish momentum to drop on Thursday above the $58,000 level. The $56,000 level.

In just one week Bitcoin price recovery To $58,000, it fell to $53,000 and then recovered to $58,000 again, and this indicates that the currency seems determined to break through the resistance, and there are many positive events driving it higher.


Bitcoin adoption is increasing at a rapid pace

There have been many reports that make the rapid recovery of the bitcoin price and the desire to rise completely understandable, for example, NYDIG, a company working in the field of financial technology, confirmed its belief that the leading digital currency will be accepted by hundreds of American banks before the end of the year, as banks will operate This happens, especially since the banks are starting to notice that all the money will go to Coinbase, and they want to get a portion of the cryptocurrency gains.

Moreover, Bitcoin and Ethereum recently indirectly succeeded in entering Wall Street as global indices, which is definitely a reason for the price hike. Finally, the rising prices of the leading cryptocurrency inspired a lot of Asian companies to accelerate their turn to it.

Over the past seven days, the bitcoin price rose from $53,634 to $58,845, but this sudden rise after the $58,000 resistance backfired, sending the coin down to $53,000.

On Wednesday, the currency recovered to nearly $58,000, and it seems that it is trying desperately to grow and reach the expected rise of $80,000 per coin by the end of this quarter, but it failed and quickly fell on Thursday to about $56,500, although there is still room The currency has some time to reach its target by the end of the second quarter, but so far it is still far from its target.

Paypal profits exceed expectations

Dan Shulman, CEO of payments giant PayPal, has been promoting cryptocurrency after the company's exemplary performance in the first quarter of this year. The company in only the first quarter of 2021 to $1.08 billion from only $83.89 million.

According to the report, PayPal's earnings per share were $1.22, exceeding expectations of $1.01 per share, and the company's revenue exceeded previous expectations of $5.8 billion to reach $6.03 billion. In addition, the company's total payments amounted to $285.22 billion, exceeding expectations of 264.6 Billion dollar.

Moreover, PayPal added about 14.5 million new active users over the past year, bringing the total user base to 392 million, and the company's revenue increased by 31% year-on-year due to the COVID-19 pandemic, which caused an increase in online shopping.

However, Schulman believes that most of the growth came after the introduction of cryptocurrency on its platform, revealing that half of crypto users who use PayPal open their app daily, and to that end, he concluded that crypto encourages engagement with the app.

Mohamed Abdel Khaleq

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