Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair moved higher to the 7499.99 area after being supported around the 7261.93 area during yesterday’s North American session. The pair’s movements this week suggest traders have been repricing market risk in a Bearish manner, speculating BTC/USD’s price could continue to weaken. One indication of this weakness was the pair’s move below the 7198.05 area, a level that represents the 50% retracement of the move from 6526.00 to 7870.10. Bids emerged around the 7084.98 area after this level was challenged, an area that represents the 23.6% retracement of the 19891.99 – 3128.89 range. Downside price objectives related to this range include the 7039.45 and 6843.21 levels, the 61.8% and 76.4% retracements.