Bitcoin still struggling for traction

Yesterday Bitcoin did make a pretty good job of recovering from its weekend slump, where it fell to as low as 51,707 on Sunday. However, it was not able to reclaim levels above 58k despite several attempts at doing so. The high point reached on the rebound move yesterday was at 57,577 so it did not really seriously test the level. If you remember, 58k was an important price point that had been highlighted here before the weekend crumble unfolded. The failure to reclaim this level could be telling, as was noted here last week. That is not to rule it out, but until it does, then the downside surely has more traction. Indeed, that has been born out by the move lower today. Bitcoin fell to as low as 53,660 a little earlier today. Granted it has rebounded again since, but not to any degree so as to be conclusive. Hence, we have clearly defined lines now, at 51,700 and 58,000. It can do whatever it likes within that range without necessarily shifting the dial. Bitcoin is currently trading at 54,860