Bitcoin edges back towards 38k

As expected and noted here earlier this morning, the double top guarding the 40k level on Bitcoin has delivered some further downside now. The lead cryptocurrency is now drifting back towards 38k. That is hardly surprising given its rebound from just above 30k that started on Sunday. The move lower now today comes as other leading pare back earlier session gains, although in relative terms Ether is still performing well. The next level for Bitcoin traders and watchers is now not that far off. That is a previous interim low in place at around 37,700. If that gives way, then it would be logical to expect some further downside potential in the short term. It should also be remembered; that despite rising well recently, none of the underlying news that led to the drop in the first place recently has fundamentally changed. Bitcoin is just now trading at 38,295