Bitcoin rejects move above 53k

Yesterday afternoon, as the dollar fell and US yields slipped that seemed to provide a green light for Bitcoin to rise. Well, it did initially, as the lead coin jumped above the noted 52,500 level and very close to 53k for the first time this year. The high seen was set at 52,986, which was its highest level since December 2021. However, no sooner had that move began, it was even more rapidly reversed and once the price fell back below 52k it tumbled even more. Bitcoin reached a subsequent low at 50,772, set just after the 4pm London FX fix. It has rebounded from there since, but today the price has stalled just above 52,500 and right now this morning it is edging back towards 51,500. So, given that really sharp reversal seen yesterday afternoon, the market is probably very wary today and so far the price action is skewed to the downside as a result