Bitcoin finds a base at 55,500

Yesterday Bitcoin came under further pressure as the noted support level at 56,850 gave way. That breakdown paved the way for a move to as low as 55,476 late yesterday evening. However, today is has rebounded again and just now traded back above 57k. The move higher is not yet conclusive, but all the while the uptrend remains largely intact there is potential for more upside. That uptrend is most immediately defined by the 50 day moving average which is in place right now at 54,450. There is also a clearly defined upward trend line in place at approximately the same level. That clearly marks this as a price point of some interest should the lead cryptocurrency fail to make further progress today. The range so far today has been covered by 55,737 to 57,067. It is currently trading at 57,005