Bitcoin steadies after further drop below 13,500

The price of Bitcoin may have risen above 14,000 over the weekend, but it has not fared very well so far today. The price fall back sharply on the European opening, from above 13,750 to just below 13,450 in a move that based out a few moments ago. The subsequent rebound has taken it back above 13,500, close to 13,600. The reason behind the initial move lower is not clear but it could be partly technical and resultant from a break below a series of minor lows in place just above 13,650 that had been formed over the weekend. Hence, if that is the case then it is likely to be short term stop loss price action that dictated the current move. So, on the assumption that is correct, it will need to recover back above 13,650 in order to regain the upside momentum. All the while that does not happen then there is the possibility of further short term losses. Bitcoin is just now trading at 13,520