Bitcoin fails again to reclaim 58k

Bitcoin did eventually rebound again yesterday but the move higher seemed to be delivered not under its own steam but by some relative outperformance elsewhere in the Crypto Sphere, namely by Ether and Monero. There is more to say on those two in a later update. So, Bitcoin managed to a session low just underneath 53,500, rising to as high as 57k ahead of the wider US market closes. The price has stalled there again today, forming a minor interim double top at around 57,100. It has since fallen back close to 55k again. The move higher yesterday was of course still well short of the noted, and important 58k level that capped the last rebound effort too. As repeatedly noted here; all the while that remains the case, then the downside still has traction. That is clearly demonstrated by the move lower today. However, it could be that the likes of Ether and Monero ride to the rescue again today. That remains to be seen, but left to its own devices, Bitcoin surely has more downside potential. The range so far today has been set at 55,028 to 57,102. It is currently trading at 55,600