Bitcoin drops below 38k in late Asian trade

The fall back from above 40k yesterday afternoon eventually led Bitcoin back below 39k as was noted here at the time. Today it has slipped further, dropping back below 38k and closer to 37k not that long ago. The failure to hold the break above the 200 day moving average yesterday was mentioned here as meaning it was potentially more a stop loss led move than a dynamic attempt to recover the upside. That 200 day moving average has shifted slightly today and now resides at 40,720. The range so far today has been covered by 37,214 to 39,486. That high was set just after the Asian opening as another attempt to reclaim levels above 40k fizzled out. Bitcoin is currently trading at 37,620