Bitcoin edges back from rebound above 54k

This time yesterday morning Bitcoin was on the drift lower in a move that would see it fall back towards 49k. However, that was about the extent of it because for the rest of the day it was the subject of a steady move higher that later took it back above 52k ahead of the wider US market close. Earlier today the lead cryptocurrency built on the momentum and rose further, to above 54k not that long ago. The price reached 54,480, but it has just now backed away and it is currently trading underneath 54k again. The gains since yesterday have further endorsed the fact; that the downside correction, from 58,350, to 43,061 looks increasingly like it has run its course. There can be little denying that the upside is back in control again so far this week. The question is now; whether or not there is enough fresh demand to see it move to new all time highs. Some reports suggest that renewed institutional demand is behind this latest rise and that could make such a prospect more likely. If that is the case, then it might be wise to expect more positive jawboning from all those protagonists that have a vested interest in seeing it increase in value. Bitcoin is currently trading at 53,910