Bitcoin finds a base at 55,300 for the time being

Yesterday, Bitcoin did rebound above 58k, but it could not hold the gain and a fall back in Ether later in the day saw to that. The lead cryptocurrency dropped back below 55,500 ahead of the wider US market close. Earlier today it lifted briefly back above 57k, but that more was soon reversed again too. A drop to back underneath 55,500 then ensued. However, it does appear to have formed an interim double bottom below this level right now. The low set yesterday evening was at 55,305 and the low set earlier today was at 55,306. Hence, that is clear to see a double bottom has been formed. The question is; will this now define a broader rally, or will it provide a target, that if broken will deliver more downside? Well, both options appear to be on the table at the moment and as usual, much will depend on what happens across the road with Ether and how that trades today. Meantime, Bitcoin is trying to make some progress away from that double bottom, currently trading at 55,735