Bitcoin drifts back below 47k

Yesterday Bitcoin was struggling, weighed down by a rising dollar and falling commodity markets, and currencies and further losses in the equity space. That all added up to more risk aversion and that did not serve the major cryptocurrencies well. That led Bitcoin to drop to as low as 43,984 during the Asian session yesterday. However, it was already making some progress before the US markets later stepped in to relieve that pressure and allowed BTC to not only rise back above its 200 day moving average (still rising and now at 45,658), but higher above 46k ahead of the wider US market close. Naturally, the rebound in BTC went hand in hand with that seen in Ether, as was reported on here earlier this morning. Earlier today that rebound lifted it above 47k, to as high as 47,378. However, for the past few hours it has been struggling to make any headway beyond that level. It has now dropped back after 3 or 4 clear attempts failed to get beyond 47,400. That has eventually led to a fall back below 47k in recent trading. Despite that the overall trend does remain positive, but as per yesterday it could just as easily come unstuck again if risk starts to fly out of the window this afternoon when the US markets reopen. Bitcoin is currently trading at 46,970