Bitcoin spikes higher in Asian trading

The drop in Bitcoin on Friday saw the lead cryptocurrency fall into what is known as bear market territory. That is defined when any asset drops by more than 20% from its current peak of the existing year. Well BTC achieved that when it fell below 55,192 on Friday morning. The fall sent it to as low as 53,552. It did try to stabilise in weekend trading, but yesterday evening it took another tumble, falling to as low as 53,341. However, and since that new interim low was set the price action has been all one-way since. It has recovered back above 58k earlier this morning (58,266 the high) and that is quite an impressive rebound by any standards, of almost 10% from the lows. The move higher has been helped by a recovery in general risk appetite so far today, as well as some of usual bullish analyst calls. Bitcoin is currently trading at 57,500