Bitcoin backs off from above $63,500

Yesterday Bitcoin slowly ground its way higher. The lead cryptocurrency rose from an early Asian session low at 60,658, to as high as 63,706 ahead of the wider US market close. The price action on the short term chart, ahead of that rise and subsequent too it, had set in place a minor support level at just above 62,500. A little earlier this morning that minor support level was taken out as the price dipped to as low as 62,274. Now of course this drop is not conclusive to any greater directional movement and the rebound back above 62k yesterday was clearly more important to that in the grander scheme of things. Overall, the upside is still very much intact for BTC, but of course it will be playing close attention to all the usual drivers that surround it. Let us not forget its potential newly established inflation hedge status too. It was noted here yesterday, that its connection with gold was clearly now in sync to some degree. So, no surprise to see that gold has backed off with BTC so far today. Gold is just now trading at around 1804 and Bitcoin is currently trading at 62,525