Bitcoin rebounds back above 50k

Yesterday the quick news noted that as Bitcoin dropped back below 55k, there was a risk of a deeper fall below 53,730. Well, that is exactly what later happened as the price fell below that level during the early part of the Asian session today. The further fall below 50k clearly tripped a whole raft of stops as the price subsequently melted to as low as 46,045. As expected, that move coincided with a corresponding drop in Ether. As warned, the fall there below 4089 was the catalyst for Bitcoin to crumble. Bitcoin has rebounded today, just now lifting back above 51k and the immediate chart set up would tend to indicate there is potential for some more upside in the short term. However, and once again that could very well depend on the price action in Ether, as to whether or not Bitcoin can make further progress. There still remains a clear risk that it cannot, and further downside could be seen later in the session. Bitcoin is currently trading at 50,980