Bitcoin downside is still focus this morning

Yesterday evening Bitcoin took a hit. The price dropped below the earlier noted base at around 56,350. That was catalyst for further downside that took the lead cryptocurrency down to as low as 53,775. The move lower came as Ethereum finally gave back some ground from its inexorable rise of recent days, falling quite steeply below $4000. The risk of that happening and what impact it might have on Bitcoin was clearly identified here much earlier yesterday. Bitcoin has managed to rebound modestly today and earlier briefly rose back above 56k. However, that rebound did not make it past the breakdown point and so it is not indicative of the current downside run yet concluding. A drop below 53k from here could warn that another leg lower is due to unfold. Bitcoin is currently trading at 55,360