Bitcoin is attempting to recover the top that started in April which trimmed over 20% off its value. The dip followed bearish implications from a brewing Rising Wedge chart pattern, which still remains in play. Recent gains followed a bounced off the 100-day Simple Moving Average and the midpoint of the Fibonacci retracement at 46815.50.

Now, BTC/USD is facing its next test to see whether or not it could set a course to revisit the all-time high set earlier this month. The obstacle would be the 55400 inflection point, where taking it out exposes the March high at 61788, which could act as another inflection level. Otherwise, a turn lower from here would place the focus back on the April 25th low. Under that is the 43016 – 44850 support zone.