Bitcoin closing in on next technical resistance level

The rise for Bitcoin is continuing this morning. The lead cryptocurrency has now risen above 51,500 and momentum is clearly still to the upside. The move down from the record high at 58,350, to low seen last weekend at 43,016 has now retraced more than 50%. That is to say the rebound has now surpassed that retracement level that was in place at 50,683. That price point probably should have been noted earlier, but it was not. Besides, it has gone well beyond there now anyway. So, the next upside level of note that might cap this current run is now at 52,492. That is the 61.8% retracement level of the whole previous downside move. Bitcoin is now trading at approximately 51, but has traded to as high as 51,700 a short while ago