For a while there today, it looked like Bitcoin would be trading with a $60,000 handle, and then the party stopped. Prices stalled at $59,800 and what looked like a quick breather quickly turned into a mini-blood bath. The liquidation of leveraged longs became the catalyst to drive prices back below $57,000 in a matter of minutes. The dip buyers have so far been rewarded, as prices have since recovered, albeit slowly, to leave us at the $59,000 level.
The future happened today, and it took Bitcoin through resistance levels and back to thoughts of a new all-time high—This was the start of yesterday's report, and oddly it's exactly what happened again today. Yesterday it was one payment giant, Visa, and today it's another, PayPal.
Today's price action has felt like the beginning of a solid bounce away from the $50,000 level. Today's close will be telling as we head into a potentially volatile weekend trading session. Bitcoin has performed well on Saturdays recently, and the bulls will be hoping for a return to the relative safety of $55,000—As will all holders of GBTC.