Bitcoin stalls above 60k

The rise to above 60k on Friday for Bitcoin looked like it could extend to reach a new record above 61k, but in the event that did not happen. It did not happen over the weekend either where such records are often easier to reach. That failure came even as its number two, Ether did exactly that. What appears obvious; is that traders switched out of Bitcoin and into Ether as a relative value trade of some perceived mileage. Hence, Bitcoin came under further pressure yesterday too, as the price fell back to as low as 56,495. The subsequent rebound stalled ahead of 58,500 and it has tracked lower again so far today. A short while ago the price dipped to as low as 57,027 so there appears to be some interim buying interest at that level for the time being. However, given the weekend price failure and potential for relative value trades elsewhere, Bitcoin is by no means assured an upward path today. The nearest downside support point of note is the 21 day moving average which is in place now at 56,754. It is currently trading at 57,148