Bitcoin drops to session lows

Further to an earlier update, Bitcoin has now fallen back underneath 57k. Earlier today the price was briefly pushed above 58k, but only just. As noted here earlier, that rise looked solely due to the further record gains playing out across the road in Ether. So, as Ether has dropped back a little more now from that new record that has pushed Bitcoin lower again. The current move towards 56,500 is not yet conclusive, but it does underline the fact that the lead coin is entirely at the mercy of Ether still. That may change of course, but the risk of a deeper relapse in Bitcoin remains as live as it was at the start of the week. That is especially the case seeing as there is potential for Ether to unwind its current heavily overbought technical situation. Bitcoin has in fact just now fallen to a fresh session low and is currently trading at 56,375