Bitcoin back under pressure following another failed rebound above 40k

Yesterday, as noted here at the time, Bitcoin did manage to climb back above 40k again. However, and despite doing so, it could not get above its 200 day moving average. That was in place yesterday afternoon at 40,732 and the high posted yesterday was set at 40,411. A minor double top at that level then ensured another drop back gathered pace into the wider US market close. That fall back has been extended further so far today as the lead cryptocurrency falls closer to 37k once again. The repeated failure to recapture levels above that 200 day moving average is indeed a concern and the immediate risk is that a deeper retracement now unfolds. Meantime that moving average has shifted again and comes into play today at 40,833. So, it is still rising, which as noted yesterday does underscore the longer term positive trend. However, in the short term that may not count for much unless it can reclaim some traction soon. Bitcoin is currently trading at session lows right now as it approaches 37k