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Bitcoin backs off towards 36k on profit-taking in fast priced trading

After the last update here on Bitcoin, the lead cryptocurrency extended a bit more on the topside, reaching a new high on the session at 37,973. That was another fresh high on the year and the highest since May 2022. The price has now backed off though, on what looks like little more than profit-taking at this stage. Bitcoin is now falling below 37k and towards 36,500 and it remains to be seen if there will be any support around the incremental 1k level. Quite often that is the case, but own this occasion not so, because BTC has just slumped to 36,265. The next support could be the breakout level above the noted Fibonacci target level at 35,924. I have to say, that the price action is pretty rapid on this one at the moment and two to three hundred points can pass in the blink of an eye this afternoon. Bitcoin has now rebound off that noted low, currently trading at 36,650 
 

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