Bitcoin relapse finds support ahead of $62k

The drop back in Bitcoin yesterday probably surprised a few players, when it slumped from above 66k (high 66,639) to as low as 62,076 ahead of the wider US market close. The immediate move in the Asian session today saw it fall to as low as 62,053. It has now rebounded modestly off that low and clearly there appears to be some support in place just above 62k now. Of course, and as usual that potential double bottom at just above 62k could merely represent a target that is there to be broken, but that is not certain at this stage. The rebound today has so far seen the price lift to as high as 63,326 and it is surely not out of the woods in terms of regaining upside momentum. To be honest, only a recovery back above 66k from here is likely to endorse that. Bitcoin is currently trading at $63,030