Bitcoin takes an Asian session hit as dollar rebounds

Yesterday the rebound in Bitcoin continued as it lifted back above 54k. As noted here, the lead cryptocurrency may have been buoyed by the combination of a weaker dollar and slightly lower US treasury yields. Those drivers may also have helped it to rise further at the start of the Asian session today as it spiked above 55k, to as high as 55,828. However, it did not stay up there for too long and almost immediately came thundering lower again as it dropped back below 55k and then 54k in rapid succession. The move lower also seemed to come in tandem with a rebound in the US dollar, just in case anyone thinks there is absolutely no connection between the two. It is becoming a clear observation that must warrant a lot closer inspection by other market participants if they have not already made the connection. If Bitcoin is to have any true lasting success as a major asset, then it will need to continue to trade more closely in a way that reflects that. I hope that is something which the reader here can truly appreciate. This is all up for debate of course. Meantime, Bitcoin has fallen back to as low as 53,045 not that long ago. However, it has just now rebounded to above 54k again and is currently trading at 53,920