Bitcoin drops below 50k again

Yesterday, as noted here on the quick news, Bitcoin reached and lifted slightly above a Fibonacci retracement level at around 52,500. The high seen was set at 52,622 which in terms of Bitcoin pricing constitutes it actually nailing the price point, due to the spread and disparity of pricing. The move lower today has seen it now fall back below 50k once again. The price dropped to as low as 49,027 a short while ago. It did try to rebound back above 50k from that low, but so far it has not managed to do that. The question now is really one of overall direction. The move lower from 58,350 to 43,061 was the first wave down and there can be no denying that. If the rebound from the low there to 52,622 was indeed a corrective wave 2, and it is now over, then the downside should resume and eventually take it below 43,061 again. However, it is probably too soon to make that call and Bitcoin could yet resume the current upswing, despite there being significant doubts on that outlook here. Bitcoin is currently trading at 49,460