Earlier today it was noted here; that Bitcoin was very close to testing an important trend line support level what was at 52,994. Well, just after that update went out Bitcoin traded to as low as 53,000 exactly according to some of the larger pricing platforms. That means that to all intents and purposes; it exactly nailed the support level and that has clearly capped the downside run once again. It is a strong support level that sadly cannot be shown here in the narrative. Irrespective of that issue that remains for now, the lead coin has rebounded back above 54k since. So, all the while this price level remains intact then so does the upside trend for Bitcoin. That is perfectly clear. However, it will still need to clear levels back above 55k before one might conclude that the downside risks have been removed for the time being. Bitcoin is currently trading at 54,340