Bitcoin drops below 61k

Following an earlier update here, Bitcoin has now fallen below 61k as the move lower continues today. There are a number of potential catalysts for the downside but it is not yet of such a concern as to derail the trend. However, that is not to underestimate that potential either. The move lower comes following news; that apparently Turkey is to outlaw the use of Bitcoin for payments from April 30. Now that could mean there is an unwind in holdings from that direction, but that is not actually clear either because if anyone wants to get their cash out of that country via such a discrete route, then it should actually be having the opposite effect. Perhaps it will when the penny drops. Meantime, it is the immediate downside that is in focus as the price drops ever closer to a test of the psychologically important 60k level. Bitcoin is just now trading at 60,720