Bitcoin recovers nearly half of the dramatic sell-off seen on Saturday

As at 1.20pm GMT on Sunday December 5 Bitcoin has managed to recover almost half of the precipitous fall it suffered since Friday afternoon. The lead cryptocurrency fell from a high point at 57,653, just before 1.30pm GMT and the release of the latest US jobs report. The drop back on Friday had already been pretty steep, as the price fell back to around 51,765 ahead of the wider US weekly close. However, it was the very early hours of the following day when it really went into meltdown. The price dropped to as low as 42,296 at just after 5am GMT on Saturday morning. The rebound then ensued and as of Sunday afternoon that rebound has taken it to as high as 49,759. So, 50k looks like a tough level to reclaim so far this weekend. The other thing to note here; is a 50% retracement of the move down from 57,653, to the low at 42,296 is in place at 49,975 and that might also be adding to the resistance at just ahead of 50k too. As for why Bitcoin went into meltdown this weekend, there are other reasons which will be covered in another update. Bitcoin is currently trading at 49,295