Bitcoin rebounds more than $2000 from Friday afternoon low

Bitcoin has enjoyed a very good weekend. The lead Cryptocurrency has risen more than $2000 from the lows seen on Friday afternoon when the price dropped to as low as 16,451. That low occurred right on the 4pm London FX fix. The subsequent rebound tried to get above the noted resistance at 17,200 on Saturday morning, but failed at the first attempt. However, the subsequent drop back to around 16,850 did not last long and the break above what was now an interim double top at 17,200 set up a more substantial move on Saturday afternoon. That was then extended into Sunday, taking the price above 18k. That has been extended again in Asia overnight as the price rises to a session high of 18,637. The final technical resistance level of note is now not far off. That is at 18,731 and defines the 76.4% retracement of the move, from 19,504 to the most recent low at 16,226. Bitcoin is currently trading at 18,545 and further progress reports will follow later today