Bitcoin reclaims 54k in Asian trade

Yesterday Bitcoin remained under pressure and was simply unable to make any headway above 55k, despite its number two competitor, Ether reaching a new all time record high at 2799. Bitcoin fell back further as the session developed and later ahead of the US close the price dropped to just below 52,500. However, and so far today it has managed to rebound and has lifted back above 54k this morning. The range so far today has been covered by 52,829 to 54,249. The picture does look a little more positive today, but unless it can reclaim levels above 58k the downside risks have not been eliminated. That 58k level is a key level that has been highlighted here since before the level first gave way on April 18. Bitcoin is currently trading at 54,110