Bitcoin extends fall below technical support at 18,600

Yesterday was a struggle for Bitcoin. As noted here during the session, the price slipped back underneath 19k again and was really unable to make any further progress as the downside pressure remained in place for the rest of the session. That pressure has continued again today and right at the start of the Asian session the lead cryptocurrency dropped below 18,600, in a move that took it to as low as 18,042. The move below 18,600 was a clear breakdown below the current 21 day moving average that is in place at 18,589. Since then it has tried to rebound after another attempt to push below 18k seemed to run out of steam. Hence there is a very short term double bottom in place now, in between 18060 and 18060. The subsequent rebound has seen it move back above 18,250 a short while ago, but that move is not yet convincing. Bitcoin will need to clear back above the 21 day moving average in order to recover the upside momentum. It is currently trading at 18,228