Bitcoin backs away from rise above 34k earlier today

Yesterday, Bitcoin led the rebound in cryptocurrencies as it recovered from a session low underneath 30k, to rise steadily back above 33k ahead of the wider US market close. It is fair to say that the rebound in the EUR/USD and US stock markets certainly played a role in delivering that rebound. That rise was extended earlier today at the start of the Asian session as it lifted above 34k, reaching 34,386. However, as the global equity markets have retreated, and the dollar has rebounded, Bitcoin has dropped back again. It is currently not far off session lows and the immediate chart dynamic would suggest that it could fall further too. Despite the rebound yesterday, both the 10 and 21 day moving averages are still turning lower. Once again it is noticeable that the current rebound fell short of the 21 day moving average in particular. That is currently in place at 34,780 and all the while the price action remains below this level, then the risk of further downside will not disappear. Bitcoin is currently trading at 32,555