Bitcoin suffers a weekend relapse for a change

In recent weeks it has been the weekend when fresh records have been set for Bitcoin. Such price action has been noted here several times in the past few months. Well, last weekend just passed, it broke the mould and delivered an opposing move. The lead cryptocurrency was already running out of steam at the back end of last week, as was mentioned here. The failure to really make any traction above 65k was clearly indicating exhaustion in the upside momentum. Bitcoin had already dipped below 60k just after the 4pm London FX fix on Friday. It was also noted here last week; that a break back underneath 58k could undermine the price even more. Well, that is exactly what happened in early Sunday trading as the price dropped sharply through 58k, tripping stops to as low as 51,707 on the first run lower, at around 3.30am GMT. Of course the drop off was not unique to Bitcoin as the likes of XRP, Ether and Monero also took a beating too. However, and since then it has rebounded, reaching back to 57,400 so far today, but it is yet to recapture that 58k handle. Bitcoin has traded in a range so far today, covered by 55,664 to 57,411. It is currently trading at 56,830