Bitcoin (BTC) is challenging familiar but significant all-time highs as a new week gets underway, rallying to $58,000 on May 3.
After a surprise rally on Friday, the largest cryptocurrency saw a slow comedown through much of the weekend. This turned on its head overnight on Sunday, however, and now BTC/USD is back fighting resistance near $60,000.
Cointelegraph takes a look at what the coming days might have in store for Bitcoin price action with five factors that could help shape it.
Bitcoin ignores DXY gains
With various major markets closed for May holidays, there are fewer cues than usual coming from commodities and equities.
Asian stocks tracked losses, fuelled by various issues including India’s ongoing Covid-19 debacle. At the same time, in the United States, S&P 500 futures are already recovering lost ground from Friday.
Unlike Bitcoin, markets did not react well to rumors that fiscal support measures over the virus may be reduced by some banks — these were a key