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Bitcoin rebound stalls short of 64k

Later yesterday evening Bitcoin fell back to fresh session lows underneath 63k. The low seen was set at 62,723 just ahead of the US stock markets close. As conveyed here in an update earlier in the day, the reversal from the highs at 65,494 was hard to connect to anything across the wider markets. What that has so far done though, is to put in place a lower high after it peaked at 72,732 on April 8 and then at 67,250 on April 23. That is at odds with the rebound dynamic on the charts though and it is uncertain which will define the price action from here. It is either going to be a rise above 65,500, or a drop back towards the prior interim lows (56,527) that will define the price action in the days or weeks ahead. The gains in the stock markets and slightly lower US yields would suggest the former not the latter. Bitcoin has pressed a little higher today, but so far it has stalled ahead of 64k. The range seen is covered by 62,870 and 63,956. Bitcoin is currently trading at 63,315

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