Bitcoin continues to retreat from record highs, sits comfotably above $5000

Following last week's record-setting rally, the BTC/USD pair went into a consolidation phase at the start of the week and extended its technical correction on Tuesday amid a lack of fresh catalysts. As of writing, the pair was trading at $5600, losing 2.7% on the day.

Despite today's retreat, however, the pair seems to be poised for more gains in the near-term as the popularity of cryptocurrencies continues to increase. The Genesis Block, an establishment that provides bitcoin trading, working-space, and hot-desk services in Wan Chai, Hong Kong, announced that it was going to introduce ATMs for easier access to digital currencies. "The impression most people have about cryptocurrencies is pretty negative, but if you understand the technology behind it, you will see it is actually a good thing. I hope to see traders and beginners together, socializing. Like the Apple store, you can come in and ask and it doesn't matter if you buy or not," The Genesis Block's director Wincent Hung told The South China Morning Post.

Technical levels to consider:

The pair could encounter the first resistance $5850 (record high) ahead of $6000 (psychological level). On the downside, supports align at $5450 (Oct. 15 low), $5000 (psychological level) and $4815 (Oct. 12 low).