Bitcoin (BTC) has bounced off the $56,500 support, indicating a demand at lower levels. Institutional investors are using the dips in Bitcoin as a buying opportunity, with 100,000 Bitcoin acquired in new purchases over a week. However, Bitcoin's failure to start a strong relief rally has halted the recovery in several altcoins. The bulls have not conceded much ground to the bears, suggesting that buyers are holding onto their positions in anticipation of an upward move. Bitcoin may start a recovery if selling by the creditors of the Mt. Gox exchange is subdued.