Earlier today, it was noted here on the quick news; that Bitcoin could be at risk of a drop to test, or even break below 50k. Well, a short while ago the leading cryptocurrency made an attempt to do just that as the price fell below 51k for the first time this week and headed straight towards 50k. However, that level has held firm after two times of asking. The price action has set in place a very clearly defined short term double bottom now at just below 50,500. The low point reached was set at 50,440. It has since lifted off that low, to back above 51,500, and close to 52k again. Now this pattern might be immediately supportive, but unless it can reclaim levels above 54k now, then the downside still could have further traction. That remains to be seen and clearly it is in the balance right now as to which way this blows to from here. Bitcoin is currently trading at 51,875