Bitcoin drops below 48k as upside momentum stalls

Following on from the previous quick news update on the progress of Ethereum, that did fall below $1500 (1485.67 the low) and the move there has seen an accompanying drop in the price of Bitcoin, although as just mentioned it is not clear which led the other lower this afternoon. Bitcoin accelerated to the downside after it broke below 48k. That saw momentum take the price down to as low as 47,252 not long ago. It is trying to rebound now, but it will need to reclaim 49k again if that is to have any lasting traction. Meantime, there is a risk that the downside may extend further as the evening progresses. It was noted here previously; that the move to as low as 43, 016 reached last weekend may have delivered enough of a downside correction to allow the uptrend to resume. Well, that did partly play out when the price reclaimed levels above 50k earlier today. However, the setback this evening has clearly put that in doubt again. Bitcoin is currently trading at 47,790