Bitcoin recovers another drop below 60k but immediate future remains uncertain

Late last night and at the very start of the Asian session, Bitcoin came a little unstuck as the price slumped below 62k, falling steeply to as low as 59,856. These kind of twilight zone moves used to be common place in the FX markets some years back and owe much to stops and poor liquidity as much as anything else. The drop has been recovered since, but the failure below 62k once more is a little unnerving to the market. The rebound so far today has seen BTC lift to as high as 61,477 not that long ago, but is has just now backed down a little. The failure of the rebound to recapture 62k again is also not to be ignored. Of course that might still happen, but all the while it does not, the risks of another fall below 60k will remain in place. The technical level of note to keep an eye on is the current 21 day moving average. That has been guarding the downside in all the most recent pullbacks too. That is in place right now at 59,575. Bitcoin is currently trading at 60,930