Bitcoin extends fall to below 48k

The major cryptocurrencies have come under further selling pressure in late European trading. Ether as fallen further since the last update here noting the drop back below 3,300. That fall has now extended to as low as 3,148, but it is trying to rebound right now. The move lower there clearly led the corresponding drop in BTC. The low in Bitcoin this afternoon has just been set at 47,770 and it too is also trying to rebound. The fall today has stopped well short of the 200 day moving average which right now is in place at 45,899, but at the same time, ruling out a retest of that level might be short sighted too. One thing to note though; is that the 21 day moving average is close to breaking above the 200 day and that would be a mildly positive development if seen. The 21 day is now at 45,709 and converging quite rapidly. Bitcoin is currently trading at 47,930