Bitcoin drops back from break above technical resistance level

Since the last update here on the progress of Bitcoin, the lead cryptocurrency has now risen above 40k and it also further extended that gain above the 200 day moving average. That level was noted here earlier and in place at 40,611 and surely provided a quite strong degree of resistance too. It is also possible that there were short stops in place that have been now removed as the price rose to a session high so far of 40,895. The subsequent drop back below 40,611 right now would tend to endorse that possibility too. Hence, and whilst breaking above 40,611 it is still a level that needs a more conclusive move, one way or the other. It is also possible that the price action this morning may continue to skirt this level for a while longer whilst the market tries to fight out a more lasting directional move. In fact, as this update is being written Bitcoin has just slumped more than $1000 in the opposite direction. The price is now falling quite hard below 40k once again, currently trading at 39,850