Bitcoin backs away from another look at 58k

Yesterday Bitcoin managed to rebound from a session low at 54,527. Eventually it did later rebound above a minor resistance level that has been noted here. That was in place at 56,350 and the move above that price point helped the leading coin to make some further progress in Asian trading today. However, in truth that progress was probably only due to new record being set by Ether. Irrespective of that, the rise there did help Bitcoin to just reclaim 58k a little earlier this morning. The high reached was set at 58,007. It has backed away from that high slightly now and it currently trading around 57,500. It remains to be seen if Ether can continue to push Bitcoin higher or whether or not it will resist a more lasting move back above 58k. That is not at all clear at this stage of the session, but it surely will become so it the markets develop today. Beyond that, and once again, if Ether balks then Bitcoin will probably take a deeper move with it unless the whole relative pricing dynamic can shift back in favour of the lead cryptocurrency. Bitcoin is currently trading at 57,385