Bitcoin steps back from record high reached earlier today

Earlier today Bitcoin rose to its highest ever level when it traded to 48,930. The subsequent pullback saw it drop to as low as 46,850. Since that low at around 6am GMT this morning, the lead cryptocurrency has been trying to make headway again, but the price action on the intraday chart infers that it has been a hard fought battle. The price did just touch 48k again not long ago, but it has backed away from that level just now. The overall trend remains positive and with many now eyeing a break of 50k soon, it remains to be seen how long before this level is tested. Having said that, the coin is no longer cheap and that in itself is a massive barrier to entry for all but those with the deepest pockets. Furthermore, does Bitcoin represent value that these heady levels? Well, its hard to imagine that is the case unless one is of the opinion that it will rise to 150, 250k, or even 400k as some have suggested it will. This author is going to entirely reserve judgment on that no matter what, as there is a distinct lack of belief in the whole project here to start with. Leaving that aside, the trend is your friend as the old saying goes and that certainly applies to Bitcoin. It is just now trading at 47,615