Bitcoin eventually backs away from key technical level

Yesterday Bitcoin tried repeatedly to climb above an important technical level that had been outlined here a few times this week and before. That level was at 46,847 and represented the 50% retracement of the whole move down, from 64,869 to the low at 28,824. The high seen yesterday was set at 46,768. The failure to get above this price point has helped to spark another move lower so far today. A little earlier the price dipped back below 45k, reaching a session low so far at 44,862. All the while that 46,847 continues to cap the topside there is the risk of a deeper retracement kicking into the price action. Bitcoin is just now trading at 45,220