Bitcoin backs away from brief rise above 60k

Yesterday Bitcoin did eventually revisit the 60k handle again. The lead cryptocurrency rose sharply into the 4pm London FX fix, from around 57,500, to as high as 60,085. However, that move was over almost before it started and the subsequent reversal lower saw it fall back to 57,000 by the time of the wider US market close. Earlier today it fell further in Asian trading, dropping to as low as 56,295. It has rebound again since, but that rebound is not of any particular consequence this side of 60k. The high reached a short while ago was set at 58,450. It is now tracking back towards 58k again. So, overall the price is now close to that 57k pivotal level, in between 53k and 61k once again. The short term moving averages are still pointing higher and the trend in that respect is still intact, but that is not to rule out and another sell off, which could come at any time. Bitcoin is just now trading at 58,015