Bitcoin back under pressure after reaching technical rebound objective

The move above 11,100 in Bitcoin over the weekend did also stall at an important technical retracement level which was in place just above 11,100, at 11,163. This level represented a 50% rebound retracement of the prior move lower, that had seen the price drop from the 2020 high at 12,473, to the most recent low as 9852. So, it is entirely possible, now that such a corrective rebound has taken place, the lead cryptocurrency could be back on track to resume the move lower. That is not certain of course, but unless the price can reclaim 11,163 on a sustained basis, then it could be the case that the next wider move will surpass 9852 to the downside. Bitcoin is also under a degree of downside pressure today due to the moves unfolding in the other markets and with risk aversion now rising. That has already pushed the price below 10,800 today having earlier broken below any support in place at 10,854. Bitcoin is just now trading at 10,798