Bitcoin rebounds from weekend dip below 31k

It certainly was an impressive rebound for Bitcoin on Friday. The lead cryptocurrency rose from an Asian low of 28,817, to as high as 33,856 ahead of the wider US market close. The price action over the weekend has been generally sideways within that range, but it did drop back below 31k yesterday afternoon. However, since then it has rebounded again, and that rebound did just surpassed the high seen late on Friday. The Sunday low was set at 30,970 and the high seen today has been at 33,970. That was set not long ago this morning, but it has just backed away from there now. The current chart configuration does suggest that the recent correction (41,981 to 28,817) might have run its course, assuming there is no return to levels below 30k from here on. However, the current price action is still below both the 10 and 21 day moving averages which means such an outlook is not certain yet. Bitcoin is currently trading at 33,410 and looks likely to continue to take its lead from Ethereum in the short term