Bitcoin backs off from move above 45k today

Since an earlier update here on the price of Bitcoin, the lead cryptocurrency has made steady progress throughout the European session. It first lifted back above 44k earlier, then extended that move to above 45k a short while ago. The high reached then was set at 45,196. It has just backed away from that now and this is probably due to some interim profit taking. The move higher since earlier in the week came after BTC managed to hold its ground above the 50 day moving average. That is in place right now at 42,608 and still appears to be guarding the downside. Now, in a correction to the previous update on Ether; it was noted that the 100 day moving average is now falling below the 200 day and that was an error. It is that which is actually happening on Bitcoin. The 100 day has crossed below the 200 day and is in place right now at 49,151. Naturally that is still a long way off and the next upside level remains that 46,730 price point should the current move higher extend further. However, it is just now back peddling a little more though. It is worth stating here; that BTC could be hostage to that US CPI number a little later on too. Bitcoin is currently trading at 44,770