Bitcoin dives below 60k in early Asian trading

Bitcoin did drop below its 50 day moving average just after the 4pm London FX Fix yesterday. The fall to around 61,400 was then recovered to just above 62k ahead of the wider US market close. However, a really precipitous slide took place at the start of the Asian session today, which saw BTC take a dive. That was nearly $4000. BTC slumped to a low at 58,066, from an Asian high at 61,975. If you look at a chart you will see the move was almost vertical. It has rebounded somewhat from that low, but so far it is yet to recapture the 60k handle. The reason behind the move is not exactly clear here, but does not seem linked to anything necessarily driven by the wider markets. In the process of sliding towards 58k today, BTC has busted an upward sloping trend line formed from recent daily lows almost going back to August 5. For your information the 50 day moving average is still rising and in place right now at 62,010. It is currently trading at 59,425