As I noted yesterday, BTC had completed five waves up off its first higher low following the intermediate wave (4) low. We called for a price target on the ensuing pullback of ~57,700. We got that low overnight and I suspect the low is in place. Should I be wrong and it breaks down further, then look for the 50% retracement ~54,000 as next support. The one disconcerting factor is the leverage is still near all-time highs. This typically doesn’t bode well for BTC.