Bitcoin rises back above 47k this morning

Bitcoin has made further progress so far today. The move, from above 47k, to as low as 43,061 over the weekend has now been completely reversed and that could also mean that the wider corrective phase lower, from the 58,350 high may have also run its course. The coin met the 50% retracement target of the whole move up from 28,817 to that 58,350 high. As noted here yesterday; that 50% corrective target was in place at 43,515. So, if the correction has now run its course and the resumption of the former uptrend is underway that could mean there is more immediate upside to come. However, it is surely too early to make a call on that just yet. A move beyond 50K from would tend to endorse that possibility, whereas a drop back below 43k would course do the opposite. Bitcoin is currently trading at 47,310