Bitcoin hovers at $57,000 as market awaits next upside catalyst?

Bitcoin rose to $57,000 and oscillated around that price level. The market expects that the world's largest cryptocurrency by market capitalization could retest the record highs set earlier this year at a later date.

Bitcoin has risen more than 90% since its July low and hit a record high of nearly $65,000 in April of this year.

As usual with rallies, the recent bitcoin price rally has been buoyed by a number of positive developments. On the one hand, the market has digested concerns about cryptocurrency regulatory measures in China and the U.S. On the other hand, Bitcoin's counting power has also shown signs of rebounding. In addition, market optimism about the upcoming approval of a bitcoin ETF by the U.S. SEC continues to rise.