Bitcoin backs off from new record

As noted here yesterday afternoon, the rise above 64,888 in Bitcoin saw the lead cryptocurrency set a new record high. The lead cryptocurrency rose to as high as 66,976 yesterday afternoon. However, the price action today has been somewhat different, as the exuberance of that session gives way to a downside move in Asia today. The price has fallen back to as low as 64,138 so far. It is trying to rebound a little now, but the move is rather sideways in terms of its immediate price action. The short term chart dynamic would suggest that it is vulnerable to a relapse below 63,500 from here on. Naturally, the outlook remains positive overall, but there can be little doubt that the market has this one on board now and the drop back today is probably more about the immediate positioning than anything else at the moment. Bitcoin is just now trading at 64,995