Well it is so clear on the price that Bitcoin is in recovery mode right now. It is all because of some bullish news that is publish on social media one of this news is, first reported by CNBC, revealed that US Bank partnered with New York Digital Investment Group (NYDIG) to provide crypto services for Bitcoin, Litecoin, and Bitcoin Cash. Support for other cryptocurrencies like Ether (Ethereum) will be rolled out in the near future.
The new initiative comes a year after the Office of the Comptroller of the Currency (OCC) – an independent bureau within the United States Department of Treasury – released a paper that permits national banks to offer custody of crypto assets.
I think it's more of a possible Bitcoin ETF being approval, there are news that the possibility is very high for approval that's why the price goes up very quick and still maintain to the levels of $55k-$56k, and just a couple of hundreds to a ATH.
So all the positive news comes from the US itself, as there are a lot of things going on behind, and when we see or hear the reports, it has an instant effect to the price.
bitcoin is no longer in recovery mode but has entered support mode, because bitcoin has penetrated the previous price of $ 52k and now bitcoin's movement is very sharp, almost breaking the highest level that ever happened last april, which was $ 62k. so for that we can no longer say that bitcoin is in recovery mode.