Bitcoin balks again

Late yesterday evening, as the US stock markets powered ahead and the S+P reached unseen levels, Bitcoin continued its rebound and extended its daily gain to above 52k. The lead cryptocurrency rose to as high as 52,071. However, that rebound has been unravelled yet again. BTC fell back to as low as 48,715 a short while ago. It is hard to pinpoint a direct reason for the sell-off, but once more it looks like a short term market caught offside and forced to make a hasty rush for the exit. The price has bounced off the lows right now, but clearly on this occasion, the whole risk dynamic has not done what it supposed to, and deliver more upside. The range seen so far today has been covered by that 48,715 low, to 51,237. Bitcoin is currently trading at 49,335