Bitcoin reaches another retracement target in weekend trading

On Friday afternoon Bitcoin rose to as high as 48,446 just after the 4pm London FX fix. However, it did not hold that rebound into the wider US monthly market close as it fell back close to 45k again. It then rebounded on Saturday, but the rebound stalled this time at around 48,350. The subsequent sell off later that day and more so on Sunday has seen the price extend beyond the low point reached on Friday, at 44,160. That has seen it drop to 43,061 at the time of this update, later on Sunday afternoon. It was noted here, in a final update on Friday; that either Bitcoin might have to drop or else the selling witnessed in the price of the Greyscale Bitcoin trust looked misplaced. Well, as suspected it was Bitcoin that has run into a spot of bother this weekend. That is not to make too much of the move, because in the grand scheme of things, a 10% or more movement in Bitcoin is an everyday occurrence these days. The drop on Sunday has now taken the price below the 50% retracement level of the move up from 28,817, to the record high at 58,350. That is in place at 43,584 as noted earlier last week. If that has not now satisfied enough of a downside correction, then next support level is that 40,099. Bitcoin is currently trading at 43,515