Bitcoin holds technical support level at the first time of asking

Earlier today the further push lower in Bitcoin saw it fall to its lowest levels of the week and in fact, it lowest level since August 8, when it hit a low then at 54,576. The low seen a little earlier today was set at 55,293. It is rebounding right now though and that recovery comes as stocks here in Europe now pare their earlier losses. The reason for the rebound from 55,293 looks to have some technicality in it. That is because there is a quite important support level in place at 55,255. That price point is the 61.8% correction of the rise from 49,212, to the most recent highs at 65,030. A break of this level would therefore risk a further fall to test that August 8 low and potentially beyond. So, for now it has held and we might have to wait until later on, to see if there is another test of the level. Bitcoin is currently trading at 55,815