Bitcoin still under pressure

Earlier today Bitcoin fell to below 54k, the low print was set at 53,989. It has bounced a little since, but that rebound is not exactly robust at this stage. In the previous update here it was mentioned that Bitcoin was approaching an important level at around 55k. It was important because at 55,192 that price point defined a 20% decline from the record high at 68,991. That was set on November 11 and the price has of course now fallen into what is known as a bear market. Of course that observation does not preclude it from rebounding, but right now the pressure is still skewed in the other direction. The next downside support is now at 53,647 and that price point marks a 38.2% retracement, from the September 22 low (28,824) to that November high, at 68,991. Beyond there, should not cap the downside today, the next support is an uptrend line stemming from the same base point, currently in place at around 50,100. Bitcoin is currently trading at 54,560