Bitcoin catches a bid in rise above $56,000

Bitcoin is at the highs of the day, up more than 3% and above $56,000.

The highs yesterday early and today peaked at $56,285 and we briefly edged above that. It’s an impressive rebound after falling below $50,000 several times yesterday but it’s still a long ways from the $70,000 level at the end of July.

The good news here is that bitcoin was the first to break down in the latest rout so if it can climb above $56,300 then it would be a good sign for a broader risk bounce.

This article was written by Adam Button at www.forexlive.com.