Bitcoin drops back from 16k again

As suspected here yesterday morning, the break above 15,520 in Bitcoin did continue to deliver more upside as the session progressed. Eventually that led the lead cryptocurrency to test 16,000 again for the second time this month. However, once again it was not able to hold the gain and fell back into the start of the Asian session today. The price dropped back to as low as 15,460 which means that move probably tripped some stops below 15,520. The spiked price action below that level, and immediate recovery from it, would suggest it was all about stops and little more. Either way, it has rebounded again as it trades back above 15,850 this morning. So, if the price cannot climb above 16k, even on a modest basis today, there is the prospect of a double top being set in place on the daily charts at that level. That might be important dependent upon where the price ends up later tonight and coming into tomorrow. Of course a break above 16k, by something more than just a handful of pips could set up a further extension to the topside. It all does rather look in the balance at the moment, but one thing is certain, and that is the longer term trend higher has yet to be derailed. Bitcoin is just now trading at 15,845