Bitcoin repeats the dose- check it out this morning

Yesterday afternoon Bitcoin was tracking a bit lower, when is suddenly spiked higher. However, that did not last and the price action that followed very much replicated what we had seen on Thursday and BTC crumbled again. So, very much a repeat of the prior false upside break. 

The fall that followed saw BTC take out the prior 2026 low set the day before, at 59,023. Once through that level it dropped as low as 58,054. It did rebound from there, back above 60k again, but that rebound was reversed again earlier today, but it is on the rebound as we write.

Earlier this morning BTC fell back as low as 58,254 and so the low seen yesterday has held thus far. The rebound that is unfolding right now has seen it push back above 60k a short while ago. The immediate charts would seem to indicate it is fighting out a base and could extend more on the upside. The caveat to that; is if this turns lower again and drops anywhere below 58,500 because that will almost certainly negate such a basing in the price action. As per all of this week, we remain cautious on BTC. It is currently trading at 59,855