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Bitcoin backs off from rise above 43k

Yesterday during the European morning an update here noted; that Bitcoin could ideally do with a rebound back above the 42k handle in order to snap the recent negative price action that was characterised by a series of lower highs. Well, it certainly did that and since reclaiming levels above 42k it has not looked back, after taking out any possible resistance at 42,238 and 42,465.  Earlier this morning that move extended to above 43k. The high seen was set at 43,450 right at the very start of the Asian session. It has backed away from that high since and spent most of the morning so far camped underneath 43k. It did lift earlier to 43,105, but that has given way to a little more downside since. So, as things currently stand, BTC has recaptured the uptrend and this has of course been helped by the drop in the Dollar and US yields. Bitcoin is currently trading at 42,765
 

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