Bitcoin back under 59k this morning

The price action in Bitcoin over the past 24 hours has been pretty treacherous at times, as witnessed by what we saw yesterday afternoon. The rise, fall and rise again between 57.5k and 60.7k was rapid and sporadic, but you were warned about that prospect. Well, since stalling again above 60k later yesterday afternoon (60,696 the high then), the price action has been level to lower for the most part. The range seen so far today has been covered by 58,575 to 59,929 and as you can see, BTC has so far rejected another attempt to reclaim levels above 60k. The price also remains camped well below its 200 day moving average so far this week and that is in place right now at 62,170. The 50 day moving average has now dropped further below that price point and it is in place at 61,667 and it is still falling. That is not a technically positive development either. At the same time, BTC is still correcting the slide it suffered last week, when it crumbled to a low at 49,212. Bitcoin is currently trading at 58,915